Question

Assessed value of property acquired before 1978 to be reduced to the amount shown in the 1975 tax roll.

a) Proposition 13
b) Tax Roll Adjustment Act
c) Property Assessment Revision
d) Pre-1978 Property Amendment

Answer 1

The assessed value of property acquired before 1978 to be reduced to the amount shown in the 1975 tax roll refers to Proposition 13, a California initiative that limited property taxes and reassessments.

Step-by-step explanation:

The option that correctly identifies the law that reduced the assessed value of property acquired before 1978 to the amount shown in the 1975 tax roll is Proposition 13. Proposition 13 was a groundbreaking initiative passed in California in 1978 that capped the real estate tax at 1 percent of the cash value of the property. It also prohibited the reassessment of property values for tax purposes upon the sale of a neighboring home which led to disparities in property taxes paid by different homeowners. Following the passage of Proposition 13 many states adopted similar measures, limiting regional governments ability to increase property taxes based on fluctuating market values.