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411/ <br /> RESOLUTION NO. 860 <br /> RESOLUTION OF THE TOWN OF LOS ALTOS HILLS URGING 1 <br /> APPROVAL OF ASSEMBLY CONSTITUTIONAL AMENDMENT NO. 22 <br /> RELATING TO ASSESSMENT FOR TAX PURPOSES <br /> RESOLVED, by the City Council of the City of the Town of Los Altos <br /> Hills, County of Santa Clara, State of California, that <br /> WHEREAS, there has been introduced Assembly Constitutional Amendment <br /> No. 22 proposing an amendment of the State Constitution to provide that for <br /> property tax assessment purposes, the "full value" of a dwelling which is a <br /> principal place of residence would be the purchase cost of any substantial <br /> improvements thereto; and <br /> WHEREAS, the City Council is of the opinion that the existing procedure <br /> by which taxable property is assessed at a percentage of "full cash value" <br /> presently defined to be "fair market value" is both unfair and unreasonable <br /> to the residents of Los Altos Hills and other communities within the State <br /> of California because the procedure allows the Assessor's appraisers to <br /> exercise their subjective judgment based upon property value estimates founded <br /> on speculation before the fact; and <br /> WHEREAS, in the opinion of the City Council the passage of an Amendment <br /> and its approval by the electors would result in a stabilized, equitable and <br /> definitive formula to determine the real value of a dwelling for tax purposes, <br /> and would create a bench mark for the purchaser of each dwelling by which he <br /> could compute the probable future taxes on his property, and would also bring <br /> about a reduction in the tax burden sustained by a property owner who has owned <br /> and lived in his home and supported his Community over a long period of time; and <br /> WHEREAS, Homeowners on fixed income and others whose income fails to keep <br /> pace with "inflation" as determined by "comparable sales" formulae become <br />