Proposition 13 (California initiative)

Proposition 13 is a landmark California initiative passed in 1978 that significantly changed property taxation. It capped property tax rates at 1% of a property's assessed value and limited annual increases in assessed value to no more than 2% until the property is sold. This aimed to protect homeowners from escalating property taxes and provide stability, especially during economic downturns. While it helped many residents, critics argue it has led to reduced funding for public services like education and infrastructure, as local governments cannot easily raise revenue.