Proposition 13, a landmark California ballot initiative passed in 1978, restricts property tax increases and alters the way properties are assessed for tax purposes. Under Proposition 13, property taxes are capped at 1% of the assessed value of a property, and assessments can only increase by a maximum of 2% annually. While providing property owners with stability, Proposition 13 has also impacted education funding by limiting revenue from property taxes that would otherwise support schools. This has led to increased reliance on other funding sources for education.
Assessed value is the estimated monetary value of a property used for tax assessments, impacting education funding and resources.
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