The Legacy of Prop. 13

Williams, Rochelle
May 2003
Bond Buyer;5/30/2003, Vol. 344 Issue 31646, p1
Trade Publication
The Howard Jarvis Taxpayers Association will celebrate the 25th anniversary of the tax rebellion with a book and a 250 dollar-per-person dinner to be held June 10, 2003 in Century City withactor and political aspirant Arnold Schwarzenegger as the keynote speaker. Jon Coupal, president of the association, said Proposition 13 is under assault like never before, but it remains very necessary because it has had a" wonderful stabilizing" effect on property taxes, even in a rising real estate market. Proposition 13 initially appeared to have the greatest impact on tax increment finance bonds due to their reliance on incremental tax revenue and assessed valuation, according to Robert Vincent, president of California Municipal Statistics, which tracks bond issues in the state. A financing system called Separation of Sources had been in place for nearly 70 years before Proposition 13 allowed for state taxes to fund state projects and local property taxes to fund local projects, said Fred Silva, senior advisor for governmental relations at the Public Policy Institute of California.


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