Property tax reform.
The initiated measure caps real property taxes at one percent of the property's assessed value. The measure freezes real property tax assessments at the January 1, 1995, level. After January 1, 1995, real property tax assessments cannot be raised or lowered unless the property changes ownership or new construction is completed, and in either case, could not be increased by more than one and one-quarter percent.
Full Text of Initiated Measure 1:
1. Effective January 1, 1995, the tax levy for all agencies cannot exceed 1% of the property's assessed value.
2. Thereafter, real property assessments can only be made when there is a change of ownership, or a new construction completed, and may not be increased by more than 1.25% regardless of the rate of inflation.