CA ACR247

Commemorates Wednesday, June 6, 2018, as the 40th anniversary of Proposition 13, the "People's Initiative to Limit Property Taxation" approved by California voters on June 6, 1978.

Establishes that Proposition 13 created a 1 percent property tax cap and requires a two-thirds vote for taxes approved by the Legislature and local special taxes approved by voters.

Reaffirms the Assembly's support for Proposition 13, citing benefits including property tax stability for homeowners, revenue increases for local governments (nearly $40 billion since 1978), and continued voter support exceeding 60 percent.

Notes that property tax revenue increased by 1,000 percent between 1978 and 2012, and families who owned homes for ten years saved an average of $60,000 on property taxes over 40 years.

Directs the Chief Clerk to transmit copies of the resolution to the Governor and the bill's author for distribution.