Vote Smart's Synopsis:

Vote to pass a resolution proposing a constitutional amendment raising the homestead exemption for taxes on property and raising sales taxes.

Highlights:

- Provides an exemption from ad valorem taxes on tangible personal property of up to $25,000 (Art. VII, Sec. 3 (f)). - Allows counties, by referendum, to eliminate local property taxes (except for those funding schools) in exchange for up to a 1% sales and use surtax (Art. VII, Sec. 6 (h)). - Allows school districts, by referendum, to eliminate local property taxes that fund schools in exchange for up to a 0.5% sales and use surtax (Art. VII, Sec. 6 (i)). - Increases the statewide sales and use tax by 1% on July 1, 2007 (Art. VII, Sec. 19).

Full Bill Text