CHANGES VOTER APPROVAL REQUIREMENT FOR LOCAL EDUCATION SPECIAL TAXES TO 55% FROM TWO-THIRDS SO LONG AS ACCOUNTABILITY REQUIREMENTS MET. INITIATIVE CONSTITUTIONAL AMENDMENT.

Changes voter approval requirement to 55% from two-thirds for local education special taxes when tax is proposed by two-thirds of school district\u27s governing board. Allows 55% vote only when certain accountability requirements are satisfied. Limits any such tax proposal to $250 per parcel of real property per year, adjusted annually for inflation. Exempts parcels owned and occupied by persons age 65 or older. Prohibits state from taking tax revenues and requires independent audits and citizens\u27 oversight committees. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Increases in school parcel tax revenues and spending. Depending on local voter approval of future tax proposals, increased revenues and spending could total a few hundred million dollars annually