WHEREAS, On June 6, 1978, Proposition 13, officially titled the “People’s Initiative to Limit Property Taxation,” was overwhelmingly approved by California’s voters, reducing property tax rates on homes, businesses, and farms, and capping the rate of increase in the future; and

WHEREAS, Prior to the adoption of Proposition 13, California’s raging inflation had sent property tax bills in California soaring so high that many families had to sell their homes because they could not afford to pay their taxes; and

WHEREAS, Prior to the adoption of Proposition 13, small business owners facing fast increasing property taxes were forced to lay off their employees or close their businesses if property tax increases made their businesses unprofitable; and

WHEREAS, Prior to the adoption of Proposition 13, renters saw their rents increase when landlords saw their property taxes increase at a rapid rate; and

WHEREAS, With the passage of Proposition 13, taxpayers, for the first time, were provided a measure of certainty with respect to their property taxes; and

WHEREAS, In the 35 years following the passage of Proposition 13, the average homeowner and the average small business have saved tens of thousands of dollars annually in property tax payments, money that was put back into the economy to create jobs and foster economic development; and

WHEREAS, Since the passage of Proposition 13, proposed alternatives to Proposition 13 would have had a variety of unwelcome effects, including substantial tax increases for low-income and elderly homeowners; and

WHEREAS, Increased property taxes would be a disincentive for first-time homebuyers and stand as a barrier to growth of our housing market; and

WHEREAS, Proposition 13 remains just as popular with voters today as it was when it was approved, with numerous recent surveys citing over 60 percent support; and

WHEREAS, Proposed alternatives to Proposition 13 that would increase property taxes on California businesses would also affect the ability of employers to hire or retain California employees; and

WHEREAS, Proposed alternatives to Proposition 13 would also negatively affect renters who would see their rents increased if their landlords experienced property tax increases; and

WHEREAS, Since the passage of Proposition 13, voters have rejected, by wide margins, changes that would have businesses pay property taxes at a higher rate than those imposed upon residential owners, as evidenced by the defeat of Proposition 167 in 1992; and

WHEREAS, The volatility of income and sales tax revenue to the state and local governments is a major flaw in California’s tax system; however, Proposition 13 has rendered California’s property taxes a stable and predictable source of public revenue even during economic downturns and has provided a major benefit to local governments in California; and

WHEREAS, Friday, June 6, 2014, marks the 36th year following the voters’ approval of Proposition 13; now, therefore, be it