Property Tax Exclusion. Water Conservation Equipment.

PROPERTY TAX EXCLUSION. WATER CONSERVATION EQUIPMENT. LEGISLATIVE CONSTITUTIONAL AMENDMENT. • Amends state constitution to provide for an exclusion from property taxation of that portion of any improvement made to real property which consists of the installation of water conservation equipment, as defined by the Legislature, for agricultural purposes. Summary of Legislative Analyst\u27s Estimate of Net State and Local Government Fiscal Impact: • Property tax revenue losses to local governments would be under $1 million in 1994-95, increasing annually for several years to a maximum amount possibly up to $10 million annually. Cities, counties, and special districts would bear about half the loss; school and community college districts would bear the other half. • The state\u27s General Fund would have to replace all, or nearly all, of the property tax revenue losses experienced by school and community college districts