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SmithEric MWF 10-11 Proposition 13 In the early 1970s property tax rates peaked and were still rising each year which was driving people out of their homes Even though this gave the state and county governments a surplus of 38 billion by the end of the1970s something had to be done Homeowners were also getting angry because as their property taxes rose the quality and quantity of their public services didnt Legislature tried to respond with an introduction of three major reform packages in 1977 that was not enough When legislature returned in 1978 which happened to be an election year for statewide officeholders two men have already been working and submitted 12 million signatures for an initiative This was enough signatures to place what was called Proposition 13 on the June ballot The Governor at the time disliked the idea of cutting property taxes because he didnt want to use the states surplus to make up for the lost revenue He put forth an effort against Proposition 13 and legislature rushed to put a competitor proposition but it was too little too late Therefore in June of 1978 California voters went out to the polls and Proposition 13 passed by a vote of 65 percent to 35 percent After the dust cleared Proposition 13 reduced tax revenues by approximately 61 billion that is a 53 percent decrease After the proposition passed it rolled the property values for taxing purposes back to the 1975-76 level and capping property tax rates to 1 percent The rise in tax prices were slowed by only allowing an annual increase in property tax bill at 2 percent and only allowing reassessment if property changes ownership Immediately after Proposition 13 pass legislature had the very difficult task of how to distribute a significantly diminishing amount of tax revenue to local governments The load was slightly lighten by the 38 billion surplus legislature still had to pass
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