Elections Code section 9034 requires that once proponent(s) of a proposed initiative measure have gathered 25% of the number of signatures required (currently 91,740 for an initiative statute and 146,352 for a constitutional amendment) proponent(s) must immediately certify that they have done so under penalty of perjury to the Secretary of State.
Upon receipt of the certification, the Secretary of State must provide copies of the proposed initiative measure and the circulating title and summary to the Senate and the Assembly. Each house is required to assign the proposed initiative measure to its appropriate committees and hold joint public hearings, at least 131 days before the date of the election at which the measure is to be voted on. However, the Legislature cannot amend the proposed initiative measure or prevent it from appearing on the ballot.
1851. (17-0055, Amdt.#1))
Requires Certain Commercial and Industrial Real Property to be Taxed Based on Fair-Market Value. Dedicates Portion of Any Increased Revenue to Education and Local Services. Initiative Constitutional Amendment.
Summary Date: 02/20/18 | Circulation Deadline: 08/20/18 | Signatures Required: 585,407 - (25% of Signatures Reached 02/26/2018 (PDF))
Proponents: Anthony Thigpenn, Helen Hutchison, Benjamin McBride
Taxes certain commercial and industrial real property based on fair-market value—rather than, under current law, the purchase price with limited inflation. Exempts agricultural property and certain small businesses. Dedicates portion of any increased revenue to local services and to supplement, not replace, state’s minimum-funding guarantee to schools. Provides tax exemption for $500,000 worth of tangible personal property used for business and all personal property used for certain small businesses. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Net increase in annual property tax revenues of $6.5 billion to $10.5 billion in most years, depending on the strength of real estate markets. After paying for county administrative costs and backfilling state income tax losses related to the measure, the remaining $6 billion to $10 billion would be allocated to schools (40 percent) and other local governments (60 percent). (17-0055.)