STATE, LOCAL TAXATION.

STATE, LOCAL TAXATION. INITIATIVE CONSTITUTIONAL AMENDMENT. • Abolishes per unit basis for special personal property taxes; requires such taxes based on property value; limits rate of tax to 1% of value. • Extends 2/3 vote requirement necessary for legislative approval of state general special taxes to any new, or increase in, such taxes, and to voter approval of special taxes through initiative. • Requires charter cities to get majority voter approval of new or increased local general taxes. • Provides temporary exceptions for disaster relief. • States that conflicting measures on November, 1990 ballot, which impose special taxes with less than 2/3 vote, are invalid. Summary of Legislative Analyst\u27s Estimate of Net State and Local Government Fiscal Impact: • Restricts rate of certain special taxes, could limit future ability of state to raise revenues through such taxes. • Could limit future passage of initiative statutes proposing approval of special state taxes. • Prohibits imposition of new, higher general taxes by charter cities without voter approval, thus potentially preventing such cities from increasing revenues. • Unknown fiscal effect on other local governments. • Could facilitate local government\u27s enactment of new or higher taxes for disaster relief