Taxation

TAXATION. INITIATIVE CONSTITUTIONAL AMENDMENT. Establishes several property tax rate limitations. Prescribes tax rates for sales, use, cigarettes, distilled spirits, banks, corporations, and insurance companies. Limits total ad valorem tax on property to 1.75% of market value for all purposes except payment of designated types of debts and liabilities. Eliminates property tax for welfare purposes, limits property tax for education, and requires state funding of these from other taxes. Requires severance tax on extraction of minerals and hydrocarbons. Requires two-thirds vote of Legislature to increase designated taxes. Restricts exemptions from property tax to those approved by election. If the proposed initiative is adopted undefined additional financing from state sources in the approximate annual amount of seven hundred million dollars ($700,000,000.00) will be required