This initiative would limit property tax revenue from increasing beyond 4% growth from the total statewide property tax revenue collected in the previous year. Statewide voter approval would be required to retain property tax revenue above the cap.

Any measures referred to the ballot seeking voter approval to retain property tax revenue would read, "Shall property tax revenue be increased by [total projected increase over the preceding year] allowing government to retain and spend property tax revenue above the 4% annual limit on property tax increases for [dates X to X]?"