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Proposition 8 (orSenate Constitutional Amendment No. 67) was an amendment of theConstitution of California relating to the assessment of property values. It was proposed by theCalifornia State Legislature and approved by voters in areferendum held on 7 November 1978.
The amendment was necessitated by the passage ofProposition 13 in June of the same year. Proposition 8 allowed for a reassessment of real property values in a declining market. For this purpose it amended Article 13A of the state constitution, which had been added by Proposition 13. Today a reassessment based on a decline in market value is called a "Proposition 8" reassessment.[citation needed]
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