California CodesCalifornia Constitution - CONSArticle XIII — TaxationSection 12
(a) Except as provided in subdivision (b), taxes on personal property, possessory interests in land, and taxable improvements located on land exempt from taxation which are not a lien upon land sufficient in value to secure their payment shall be levied at the rates for the preceding tax year upon property of the same kind where the taxes were a lien upon land sufficient in value to secure their payment.
(b) In any year in which the assessment ratio is changed, the Legislature shall adjust the rate described in subdivision (a) to maintain equality between property on the secured and unsecured rolls.
Notes
Requires taxes on personal property, possessory interests, and taxable improvements on exempt land that lack sufficient land security to use the preceding year’s rate for comparable secured property. Requires the Legislature, whenever the assessment ratio changes, to adjust that rate to preserve equality between secured and unsecured rolls.
Use as reference
Lexinter.net | Cal. Const. art. XIII, § 12 | https://laws.lexinter.net/constitution/california/article-xiii/section-12