Directs Legislature to allow repair or replacement of environmentally contaminated property or structures, as defined, without increasing the tax valuation of the original or replacement property.
For tax purposes, property value is the assessed valuation for 1975-76 unless the property is reappraised upon purchase, new construction, or change in ownership. For property rendered unusable by environmental contamination, this measure allows either: transfer of the base-year valuation to a replacement property if the contaminated property is transferred; or exclusion of repair or replacement of damaged structures from the definition of "new construction."
Source for Popular Vote data: California Secretary of State. Statement of Vote 1998 General Election November 3, 1998, California Secretary of State (http://vote98.ss.ca.gov/Final/sov/SOV80-91.pdf) (accessed 19 Jan 2007)