concepts
mortgage finance
Proposition 13 was a 1978 voter-initiated ballot proposition in California that set property values for tax purposes at the 1975–1976 market value and limited the tax rate to 1 percent, set a cap on increases for continuing owners of 2 percent a year, and gave new owners a fully reassessed value base. More important, it mandated a two-thirds vote in the legislature for any statewide revenue increase and a two-thirds vote of local voters for any local government tax increase. [Source: Encyclopedia of Politics of the American West; Proposition 13 (California, 1978)]
proposition 13