|Property Taxes: Contaminated Property.|
Legislative Constitutional Amendment.
|Full Text of
LEGISLATIVE CONSTITUTIONAL AMENDMENT.
- Directs Legislature to allow repair or replacement of environmentally contaminated property or structures, as defined, without increasing the tax valuation of the original or replacement property.
- For tax purposes, property value is the assessed valuation for 1975-76 unless the property is reappraised upon purchase, new construction, or change in ownership. For property rendered unusable by environmental contamination, this measure allows either: transfer of the base-year valuation to a replacement property if the contaminated property is transferred; or exclusion of repair or replacement of damaged structures from the definition of "new construction."
Summary of Legislative Analyst's
Estimate of Net State and Local Government Fiscal Impact:
- Property tax revenue losses probably less than $1 million annually in the near term to schools, counties, cities, and special districts.
- School revenue losses (about half of total) would be made up by the state.
Argument in Favor of Proposition 1
Rebuttal to Argument in Favor of Proposition 1
Argument Against Proposition 1
Rebuttal to Argument Against Proposition 1
Full Text of Proposition 1