Proposition 13 (California)

Proposition 13, passed in California in 1978, limits property tax increases to a maximum of 2% per year, based on the property's assessed value. It also caps the assessed value at the time of purchase, meaning homeowners do not face rising taxes as property values climb dramatically. For new purchases, properties are reassessed at current market value. This measure aimed to make housing more affordable and protect homeowners from steep tax increases, but it has also led to funding challenges for local schools and government services, as property tax revenue grew more slowly.