Property Taxes – The effects of the passage of ACA 8 would be that in the near future Special Taxes, taxes intended for designated purposes that currently require a 2/3 vote of the voting public for passage could be reduced down to a passing vote of only 55%. Just a little more than half the voting public would have the power to impose taxes on property owners only. The general public would not be expected or even required to participate in paying the interest and debt to finance local defined bonded indebtedness.
Currently the California Constitutional prohibits an ad valorem (Latin for at value) tax rate on real estate exceeding 1% of the full cash value of the property. The only exception is from the passage of bonds by a 2/3 vote of the voting public for bonded indebtedness. Property taxes are collected by counties throughout California and apportioned by law to each individual city and special districts within each county. Property Taxes
There have been propositions in the past that amended Proposition 13’s requirement of needing a 2/3 voting majority to raise taxes. In the past there have been propositions approved by the voters allowing for a lower majority vote necessary to pass bonds for special defined purposes. Those purposes are for school districts, community college districts and other educational entities. Basically bonds for educational purposes.