New Search
r <br /> Attachment III <br /> 1 <br /> Ballot M easure 47 <br /> Fact Sheet <br /> Ballot title: Reduces and limits property taxes; limits local revenues, replacement fees <br /> When: November 5, 1996 General Election <br /> What it does: 1. Cuts individual property taxes <br /> If approved, this measure will roll back property taxes to 90% of <br /> the 1995-96 level or to the 1994 -95 level, whichever is lower. <br /> 2. Caps the growth of individual property tax bills <br /> Increases in individual property tax bills would be capped at 3% <br /> per year. <br /> 3. Requires vote on replacement revenue <br /> Voter approval is required before Local governments can <br /> implement replacement revenue for services that lose property -tax <br /> funding under Ballot Measure 47 <br /> 4. Changes election rules <br /> t iv Ballot Measure 47 requires both a majority vote and a 50% voter <br /> turnout to pass new revenue measures at special or primary <br /> elections <br /> Effect: Locally <br /> The State of Oregon's Legislative Review Office estimates that the City of <br /> Eugene will lose $9.9 million in property tax revenues in 1997 -98 if Ballot <br /> Measure 47 is approved. This represents a 20% reduction in the'City's tax <br /> base. <br /> City of Eugene Tax Base City of Eugene Tax Base <br /> Fiscal Year 1998 Fiscal Year 1998 <br /> $38 6 million <br /> $48.6 million 1 ' Y '' <br /> \ $10 million gap <br /> Cre <br /> Without Ballot Measure 47 El, With Ballot Measure 47 in place <br /> TTT 1 <br />