Taxation

Article: Taxation

SEC. 1

(a) All property is taxable and shall be assessed at the same Percentage of fair market value. When a value standard other than Fair market value is prescribed by this Constitution or by statute Authorized by this Constitution, the same percentage shall be applied To determine the assessed value. The value to which the percentage Is applied, whether it be the fair market value or not, shall be Known for property tax purposes as the full value.
(b) All property so assessed shall be taxed in proportion to its Full value.

SEC. 2

The following are exempt from property taxation:

(a) Property owned by the State.
(b) Property owned by a local government, except as otherwise Provided in Section 11(a).
(c) Bonds issued by the State or a local government in the State.
(d) Property used for libraries and museums that are free and open To the public and property used exclusively for public schools, Community colleges, state colleges, and state universities.
(e) Buildings, land, equipment, and securities used exclusively For educational purposes by a nonprofit institution of higher Education.
(f) Buildings, land on which they are situated, and equipment used
(g) Property used or held exclusively for the permanent deposit of Human dead or for the care and maintenance of the property or the Dead, except when used or held for profit. This property is also Exempt from special assessment.
(h) Growing crops.
(I) Fruit and nut trees until 4 years after the season in which They were planted in orchard form and grape vines until 3 years after Unless the dwelling is receiving another real property exemption.
(l) Vessels of more than 50 tons burden in this State and engaged In the transportation of freight or passengers.
(m) Household furnishings and personal effects not held or used in Connection with a trade, profession, or business.
(n) Any debt secured by land.
(o) Property in the amount of $1,000 of a claimant who--
(1) Is serving in or has served in and has been discharged under Honorable conditions from service in the United States Army, Navy, Air Force, Marine Corps, Coast Guard, or Revenue Marine (Revenue Cutter) Service; and—

(2) Served either
(I) in time of war, or
(ii) In time of peace in a campaign or expedition for which a Medal has been issued by Congress, or
(iii) In time of peace and because of a service-connected Disability was released from active duty; and--
(3) Resides in the State on the current lien date. An unmarried person who owns property valued at $5,000 or more, or A married person, who, together with the spouse, owns property, Valued at $10,000 or more, is ineligible for this exemption. If the claimant is married and does not own property eligible for The full amount of the exemption, property of the spouse shall be Eligible for the unused balance of the exemption.

(p) Property in the amount of $1,000 of a claimant who--
(1) Is the unmarried spouse of a deceased veteran who met the Service requirement stated in paragraphs (1) and (2) of subsection 3 (o), and
(2) Does not own property in excess of $10,000, and
(3) Is a resident of the State on the current lien date?
(q) Property in the amount of $1,000 of a claimant who--
(1) Is the parent of a deceased veteran who met the service? Requirement stated in paragraphs (1) and (2) of subsection 3(o), and
(2) Receives a pension because of the veteran's service, and
(3) Is a resident of the State on the current lien date?

Either parent of a deceased veteran may claim this exemption.

An unmarried person who owns property valued at $5,000 or more, or A married person, who, together with the spouse, owns property, Valued at $10,000 or more, is ineligible for this exemption.

SEC.3

(a) Taxes on or measured by income may be imposed on Persons, corporations, or other entities as prescribed by law.
(b) Interest on bonds issued by the State or a local government in The State is exempt from taxes on income.
(c) Income of a nonprofit educational institution of collegiate Grade within the State of California is exempt from taxes on or
Measured by income if both of the following conditions are met:

(1) The income is not unrelated business income as defined by the Legislature.
(2) The income is used exclusively for educational purposes.
(d) A nonprofit organization that is exempted from taxation by Chapter 4 (commencing with Section 23701) of Part 11 of Division 2 of The Revenue and Taxation Code or Subchapter F (commencing with Section 501) of Chapter 1 of Subtitle A of the Internal Revenue Code Of 1986, or the successor of either, is exempt from any business License tax or fee measured by income or gross receipts that is Levied by a county or city, whether charter or general law, a city And county, a school district, a special district, or any other local Agency.

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