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Fall 2004, Warren Buffett's Call to Overhaul Prop 13: Some Preliminary Analyses

Keith Padien
In what has been called “the tax revolt of 1978”, California voters changed the face of the California property tax by enacting Proposition 13, or “Prop 13” for short. Among other significant changes, it abandoned the system of assessing property taxes based on current market values and introduced in its place a system based on the acquisition price.