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Proposition 13 alters the balance of the housing market because it provides disincentives for selling property, in favor of remaining at the current property and modifying or transferring to family members to avoid a new, higher property tax assessment. [45] [46] Proposition 13 reduces property tax revenue for municipalities in California.
California's property tax law means radically different taxes are paid on similar homes. There are better ways to achieve Prop. 13's protections for low-income and older homeowners.
1978 California Proposition 13, People's Initiative to Limit Property Taxation 2010 California Proposition 13 , Seismic Retrofitting 2020 California Proposition 13 , Public Preschool, K-12, and College Health and Safety Bond Act
This proposal was popular, largely due to the high inflation and associated rises in property taxes through the 1970s. Jarvis and his wife collected tens of thousands of signatures to enable Prop. 13 to appear on a statewide ballot, for which he garnered national attention. [6] The ballot measure passed with nearly two-thirds of the vote. [6]
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Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? The Dow closed at 866.51. Today, the Dow is trading at 24,799.98 and the S&P 500 ...
Constitutional follow-up to Proposition 13 (1978). Proposition 22 (2000) Passed, then declared unconstitutional: A statute banning same-sex marriage. Proposition 52 (2002) Defeated: Allowing voting registration on Election Day. Proposition 71 (2004) Passed: On the use of stem cells in scientific research. Proposition 73 (2005) Defeated
Repeals 2008 California Proposition 8 and declares in the state constitution that the "right to marry is a fundamental right", effectively allowing same-sex couples to once again marry. [23] 4: Passed Authorizes the issuance of $10 billion in bonds to fund various water infrastructure, energy, and environmental protection projects. [24] 5: Failed