State, Local Taxation.

STATE, LOCAL TAXATION. INITIATIVE CONSTITUTIONAL AMENDMENT. Increases voting requirements for general and special taxes. Extends requirement for legislative or voter approval of state general or special taxes to any increase in such taxes, and raises voter requirement for state special taxes from majority to two-thirds. Limits tax rate on new state personal property taxes. Extends to charter cities power of voters to increase local general taxes by majority vote. Restricts use of locally-imposed special taxes. Provides temporary exception for state, local taxes for disaster relief, other emergencies. Generally prohibits new state, local ad valorem, sales, transaction taxes on real property. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Measure restricts rate of certain special taxes to 1 percent of value of property subject to tax; could limit future ability of state to raise revenues through such taxes. Could limit passage of special state tax measures proposed by initiative by requiring two-thirds voter approval of such measures. Measure prohibits imposition of new or higher general taxes by charter cities without voter approval, thus reducing charter city revenues if voters do not approve future tax proposals. Unknown fiscal effect on local governments other than charter cities