Real Property Taxation

REAL PROPERTY TAXATION - INITIATIVE CONSTITUTIONAL AMENDMENT. As to real property, limits ad valorem taxes to maximum of 1% and prohibits special assessments, except to pay previously incurred debts approved by voters. Legislature may authorize state or counties to impose such taxes; revenue so produced must be apportioned according to statute among local public agencies. Defines and limits exemptions. Each land parcel, and land and improvements to be assessed separately. If challenged, government must prove value in administrative and court proceedings. Legislature may authorize local public agencies to levy other taxes to compensate for revenues lost by this measure. If adopted local governments will lose revenue from property taxes in excess of $5 billion annually; state costs will decrease by $600 million annually