EDUCATION FUNDING. REAL PROPERTY PARCEL TAX.
INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE.
- Provides additional public school funding for kindergarten through grade 12.
- Funded by $50 tax on each real property parcel.
- Exempts certain elderly and disabled homeowners.
- Funds must be used for class size reduction, textbooks, school safety, Academic Success facility
grants, and data system to evaluate educational program effectiveness.
- Provides for reimbursement to General Fund to offset anticipated decrease in income tax revenues due
to increased deductions attributable to new parcel tax.
- Requires school district audits, penalties for fund misuse.
- Revenue excluded from minimum education funding (Proposition 98) calculations.
Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact:
- State parcel tax revenue of roughly $450 million annually, allocated to school districts for specified education programs.
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