[Califreak]

The most significant portion of the act is the first paragraph, which capped the tax rate for real estate:

Section 1. (a) The maximum amount of any ad valorem tax on real property shall not exceed one percent (1%) of the full cash value of such property. The one percent (1%) tax to be collected by the counties and apportioned according to law to the districts within the counties.

More here:

http://www.wccusd.k12.ca.us/elcerrito/history/prop13.htm

[ShadowAce]

Thanks! Why would he repeal it this time and not repeal it the last time he was in office?

[Betis70]

Another significant part is that your property can never go through revaluation as long as you own it (once it changes hands, they can reval for the new owner).

So if you have owned your property since 1978, you are paying 1975 valuations (Prop 13 rolled vals back to that year), with a cap of the 1% per year.

My state has mandated revals every 5 years.