Since it has been 35 years, a lot of people are unaware of the reason behind it. Property tax rates were rising so quickly that people were actually losing their homes. Now all property owners in California can take comfort in the fact that their property tax increases are limited. Think what would be happening now with the public employee issue if all government had to do was raise the taxes to cover any expenses.
In the words of the great Howard Jarvis “Death and taxes may be inevitable, but being taxed to death is not.”