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The Property Tax Four Years After Proposition 13, Assembly Revenue And Taxation Committee, Assembly Local Government Committee
The Property Tax Four Years After Proposition 13, Assembly Revenue And Taxation Committee, Assembly Local Government Committee
California Assembly
With the passage of Prop. 13 in June 1978, the property tax, a one hundred twenty-eight year old tax source, was radically changed. The rate of tax was limited to one percent of value (plus a rate for prior voted indebtedness) and the base of the tax was changed from fair market value for all property to acquisition value for most local real property and a fair market value for the balance of taxable property in California.