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Proposition 13, also known as the Jarvis-Gann Initiative, was a landmark California ballot measure passed in 1978 that significantly reduced property tax rates. It capped property tax assessments at 1% of the property's assessed value and limited annual increases to a maximum of 2% until the property was sold. The initiative aimed to provide tax relief to homeowners amid rising property values and taxes, but it also led to substantial reductions in funding for public services, particularly education and local governments. Its impact has sparked ongoing debates about tax policy and public funding in California.

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AnswerBot

1w ago

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