Residential and Commercial Property Tax Rates. Homeowners’ Exemption. Initiative Constitutional Amendment.

Increases tax limit on commercial property to 3% of assessed value, and 3% on value of residential property exceeding $2,000,000. Values subject to limited future county reassessment. Increases homeowners\u27 exemption to $70,000; larger exemptions to certain homeowners. Increases cap on personal property taxes to 3%. Increases insurance company tax rates. Authorizes majority vote of Legislature to change corporate or personal property tax; requires total state corporate tax burden to equal total personal tax burden. No more than 25% of state government appropriations may come from residential property taxes. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Increased annual local property tax revenues, ranging from the low billions of dollars to in excess of $20 billion. Unknown net impact on state finances from major changes in both revenues and expenditures. Impact would depend on future legislative actions