Property Tax Postponement.

PROPERTY TAX POSTPONEMENT. LEGISLATIVE CONSTITUTIONAL AMENDMENT • This measure authorizes the Legislature to provide for postponement of ad valorem property tax increases attributable to reappraisal of residential property on acquisition by low-income tenant-occupants as a principal place of residence. • Provides that the total of the postponed taxes, plus the full amount of current property tax assessments shall not exceed 90 percent of owner\u27s equity. • Subventions to local agencies are not required to replace revenues lost by reason of property taxes postponed pursuant to this measure. Summary of Legislative Analyst\u27s Estimate of Net State and Local Government Fiscal Impact: • If implemented by the Legislature, this measure could result in millions of dollars of costs annually to either the state or to local government as homeowners who participate in this program postpone payment of their property taxes. • Costs resulting from this measure eventually would be recovered as participating homeowners sell their homes