The Legislative Analyst’s Office estimated this week that the change could increase property tax revenues by about $6 billion to $10 billion annually, though it also warned that the switch would introduce far more volatility into the funding stream. About 60 percent of that money would go to local governments and the remaining 40 percent to schools and local community colleges.
Expect a vicious and expensive campaign if the measure qualifies. The Howard Jarvis Taxpayers Association, named for one of the original proponents of Proposition 13, has labeled it an “attack” on California’s economy, and there are deep-pocketed businesses groups lined up to fight it.
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