Certified Ballot Title
November 5, 1996 General Election
RESULT OF "YES" VOTE: "Yes" vote reduces current property taxes; limits future increases; limits local revenues and replacement fees.
RESULT OF "NO" VOTE: "No" vote retains the existing property tax system with current limitations on property tax rates.
SUMMARY: Amends constitution. Limits 1997-98 property taxes to lesser of: 1995-96 tax minus 10 percent, or 1994-95 tax. Limits future annual property tax increases to 3 percent, with exceptions. Limits revenue available for schools, other local services funded by property taxes. Local governments' lost revenue may be replaced only with state income tax, unless voters approve replacement fees or charges. Provides no system for spreading revenue cuts among local governments. Restricts new bonds. Tax levy approvals in certain elections require 50 percent voter participation. Other changes.