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Proposition 13, passed in California in 1978, significantly altered property tax assessments by limiting property tax rates to 1% of the assessed value and capping annual increases in assessed values to 2%. This led to a substantial reduction in property tax revenues for local governments and schools, prompting funding challenges for public services. While it provided tax relief for homeowners, it also contributed to a decline in public infrastructure and services, exacerbating inequalities in education and local government funding. Additionally, Prop 13 set a precedent for similar tax limitation measures in other states.

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2mo ago

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