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REFORM THE • <br /> PROPERTY TAX <br /> • The dominant role of the property tax in state policy deliberations is <br /> ended, once and for all. <br /> • At the local level, two classes of property recognize the dual nature of <br /> land, as a foundation for the ecosystem and an economic commodity. <br /> Class 1 : All property except Class 2 taxed for all purposes <br /> Class 2: Farmland, timber land and certain undeveloped land taxed <br /> only for roads and watersheds <br /> • Substantially cuts property taxes on business, rental housing, and <br /> farming, each of which is subjected to a new tax based more on abil- <br /> ity to pay. <br /> • Ends reliance on property tax to tax wealthier individuals based on <br /> ability to pay, relying on the income tax for that. <br /> • Retains circuit breaker so that property <br /> taxes that are high in relation <br /> to income are refunded to reflect ability to pay. <br /> • Imposes flat 3% tax on business real property throughout the state. <br /> p <br /> i <br />