What was the purpose of Proposition 13 passed in California in 1978?

Proposition 13, passed in 1978, aimed to limit property taxes and increase taxpayer control over taxation. This landmark legislation changed the way property taxes were assessed in California by capping property tax rates at 1% of the property's assessed value and restricting annual reassessments to a maximum increase of 2% per year, regardless of market fluctuations. The initiative was driven by widespread concerns about rapidly increasing property taxes that many homeowners found unaffordable.

By limiting these taxes, Proposition 13 sought to provide stability and predictability for taxpayers, particularly those on fixed incomes, such as retirees. It also shifted the control of tax assessments from local municipalities to a statewide standard, ensuring that increases in property taxes would not spiral out of control. This measure has had long-lasting implications for California's economy, local government funding, and the state’s overall taxation structure.

In contrast, the other options revolve around raising property taxes, promoting affordable housing, or improving educational funding, all of which are not aligned with the intentions and outcomes of Proposition 13. The focus on limiting rather than increasing property taxes is a fundamental aspect of what made the proposition significant in California history.