HomeMy WebLinkAbout7818 - Tax Limitation Initiative MeasureRESOLUTION No. 7818
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH EXPRESSING ITS OPPOSITION
TO THE WATSON PROPERTY TAX LIMITATION INITIATIVE
MEASURE
WHEREAS, an initiative Constitutional amendment,
commonly known as the "Watson Initiative ", which would limit taxes
on real property to 1.75% of market value ($7 per $100 assessed
value) within incorporated areas, has qualified for submission to
the voters at the forthcoming general election in November; and
WHEREAS, said property tax limit would seriously restrict
the ability of cities, counties and special district to raise
needed revenue for operating purposes, without providing a source
of replacement revenue for these local governmental entities; and
WHEREAS, enactment of the "Watson Initiative" would also
restrict the bonding capacity and affect the debt limits of all
local governmental agencies, and thus would undermine the founda-
tions of "home rule "; and
WHEREAS, the provisions of the proposed "Watson
Initiative" would result in $2.1 billion or 37% of the property
taxes being shifted to the State, which would have grave implica-
tions for the residents of California by increasing State taxes;
and
WHEREAS, enactment of the "Watson Initiative" would
provide windfall benefits to real estate speculators and large
landowners of commercial and industrial property, but would harm
the interests of the average businessman and homeowner; and
WHEREAS, in the opinion of the City Council of the City
of Newport Beach, passage of the "Watson Initiative" would mean
isfiscal chaos for the schools, cities, counties and special districts
of California;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach that this City Council hereby expresses
-1-
t
•
its vigorous opposition to the "Watson Initiative" and urges all
voters of the City to vote NO on this misguided proposal.
ADOPTED this 11th day of September , 1972.
CERTIFIE AS THE ORIGINAL
xn- MACH
CRY CLLEER�K�O.ff THE CCCIIT FGt11
M_ _ .i /j //
-2-
DON:mh
2/24/72