Add to ORKGPROPERTY TAXATION. INITIATIVE CONSTITUTIONAL AMENDMENT. Repeals Article XIII, section 2 of the Constitution which authorizes the Legislature to provide for the taxation of all forms of tangible personal property and specified forms of intangible property. Exempts improvements and personal property from property taxation. Adds section 34 to Article XIII to require affirmative vote of three-fourths of electorate before new or increases in existing state or local taxes or fees become operative and to authorize reduction or repeal by majority vote of electorate of taxes or fees in existence at the time of the vote. Fiscal impact: Property tax revenues to local governments will be reduced by approximately $8.5 billion per year. Impact on state c...