What major change did Proposition 13 bring to California?

Proposition 13, passed in 1978, significantly altered the landscape of property taxation in California by lowering property taxes and imposing strict limitations on how much those taxes could increase each year. It capped property tax rates at 1% of assessed value and limited annual increases in assessed value to no more than 2%, regardless of market value fluctuations. This change was aimed at providing relief to homeowners who were facing rising property taxes due to increasing property values, allowing greater predictability in tax expenses.

The passage of Proposition 13 not only reduced the immediate tax burden on property owners but also sparked a broader discussion about the implications of tax policy in California, including the impact on public funding for education, infrastructure, and other essential services. The limitations established by Proposition 13 on how much property taxes could rise had long-lasting effects on the state's finances and budgetary processes.