In the early 1970 s, many homeowners were faced with selling their homes because property taxes were based on a percentige of fair market value, ard property values were increasing faster than homeowners incomes! Under Proposition 13, passed by the voters in 1978 , capped the property tax at 1% of assessed value. plus a 2% growth forappreciation. Sence that time. cities and counties have cried foul over the lack of property tax revenue generated from property owners who have held their properties for a lenis period of time. So what is fair? Should property owmers enjoy a cap on the rate of tax increase as the cxpense of govemments or should governments be allowed a faref tax amount? But if we are to leave Prop, 13 alone, how do you propose focal governments pay for the increasing costs of sehoolk, roade bridges and other soeial needs like the homeless problem? Please support your answer with a detailed expatiation.