a pass or discount by a public officer, other than a Public Utilities Commissioner, shall work a forfeiture of that office. A Public Utilities Commissioner may not hold an official relation to nor have a financial interest in a person or corporation subject to regulation by the commission. [New section adopted November 5, 1974.] SEC. 8. [Repealed June 6, 1972. See Section 8, below.] [Public Utilities-Regulation] SEC. 8. A city, county, or other public body may not regulate matters over which the Legislature grants regulatory power to the Commission. This section does not affect power over public utilities relating to the making and enforcement of police, sanitary, and other regulations concerning municipal affairs pursuant to a city charter existing on October 10, 1911, unless that power has been revoked by the city's electors, or the right of any city to grant franchises for public utilities or other businesses on terms, conditions, and in the manner prescribed by law. [New section adopted November 5, 1974.] SEC. 9. [Repealed November 4, 1930. See Section 9, below.] [Restatement] SEC. 9. The provisions of this article restate all related provisions of the Constitution in effect immediately prior to the effective date of this amendment and make no substantive change. [New section adopted November 5, 1974.] SEC. 10. [Repealed November 5, 1974.] ARTICLE XIII. [Repealed November 5, 1974. See Article XIII, below.] ARTICLE XIII * TAXATION SECTION 1. [Repealed November 5, 1974. See Section 1, below.] [Uniformity Clause] SEC. 1. Unless otherwise provided by this Constitution or the laws of the United States: (a) All property is taxable and shall be assessed at the same percentage of fair market value. When a value standard other than fair market value is prescribed by this Constitution or by statute authorized by this Constitution, the same percentage shall be applied to determine the assessed value. The value to which the percentage is applied, whether it be the fair market value or not, shall be known for property tax purposes as the full value. (b) All property so assessed shall be taxed in proportion to its full value. [New section adopted November 5, 1974.] SEC. la. [Repealed November 5, 1974.] SEC. 14. [Repealed November 5, 1974.] SEC. 2. [Repealed November 5, 1974. See Section 2, below.] * New Article XIII adopted November 5, 1974. [Personal Property Classification] SEC. 2. The Legislature may provide for property taxation of all forms of tangible personal property, shares of capital stock, evidences of indebtedness, and any legal or equitable interest therein not exempt under any other provision of this article. The Legislature, two-thirds of the membership of each house concurring, may classify such personal property for differential taxation or for exemption. The tax on any interest in notes, debentures, shares of capital stock, bonds, solvent credits, deeds of trust, or mortgages shall not exceed four-tenths of one percent of full value, and the tax per dollar of full value shall not be higher on personal property than on real property in the same taxing jurisdiction. [New section adopted November 5, 1974.] SEC. 2.5. [Repealed November 5, 1974.] SEC. 2.8. [Repealed November 5, 1974.] SEC. 3. [Repealed November 5, 1974. See Section 3, below.] [Property Tax Exemptions] SEC. 3. The following are exempt from property taxation: [State Owned Property] (a) Property owned by the State. [Local Government Property] (b) Property owned by a local government, except as otherwise provided in Section 11 (a). [Government Bonds] (c) Bonds issued by the State or a local government in the State. [Public Property] (d) Property used for libraries and museums that are free and open to the public and property used exclusively for public schools, community colleges, state colleges, and state universities. [Educational Property] (e) Buildings, land, equipment, and securities used exclusively for educational purposes by a nonprofit institution of higher education. [Church Property] (f) Buildings, land on which they are situated, and equipment used exclusively for religious worship. [Cemetery Property] (g) Property used or held exclusively for the permanent deposit of human dead or for the care and maintenance of the property or the dead, except when used or held for profit. This property is also exempt from special assessment. [Growing Crops] (h) Growing crops. [Fruit and Nut Trees] (i) Fruit and nut trees until 4 years after the season in which they were planted in orchard form and grape vines until 3 years after the season in which they were planted in vineyard form. [Timber Exemption] (j) Immature forest trees planted on lands not previously bearing merchantable timber or planted or of natural growth on lands from which the merchantable original growth timber stand to the extent of 70 percent of all trees over 16 inches in diameter has been removed. Forest trees or timber shall be considered mature at such time after 40 years from the time of planting or removal of the original timber when so declared by a majority vote of a board consisting of a representative from the State Board of Forestry, a representative from the State Board of Equalization, and the assessor of the county in which the trees are located. The Legislature may supersede the foregoing provisions with an alternative system or systems of taxing or exempting forest trees or timber, including a taxation system not based on property valuation. Any alternative system or systems shall provide for exemption of unharvested immature trees, shall encourage the continued use of timberlands for the production of trees for timber products, and shall provide for restricting the use of timberland to the production of timber products and compatible uses with provisions for taxation of timberland based on the restrictions. Nothing in this paragraph shall be construed to exclude timberland from the provisions of Section 8 of this article. [Homeowners' Exemption] (k) $7,000 of the full value of a dwelling, as defined by the Legislature, when occupied by an owner as his principal residence, unless the dwelling is receiving another real property exemption. The Legislature may increase this exemption and may deny it if the owner received State or local aid to pay taxes either in whole or in part, and either directly or indirectly, on the dwelling. No increase in this exemption above the amount of $7,000 shall be effective for any fiscal year unless the Legislature increases the rate of State taxes in an amount sufficient to provide the subventions required by Section 25. If the Legislature increases the homeowners' property tax exemption, it shall provide increases in benefits to qualified renters, as defined by law, comparable to the average increase in benefits to homeowners, as calculated by the Legislature. [Vessels] (1) Vessels of more than 50 tons burden in this State and engaged in the transportation of freight or passengers. [Household Furnishings-Personal Effects] (m) Household furnishings and personal effects not held or used in connection with a trade, profession, or business. [Debt Secured by Land] (n) Any debt secured by land. [Veterans' Exemptions] (0) Property in the amount of $1,000 of a claimant who— (1) is serving in or has served in and has been discharged under honorable conditions from service in the United States Army, Navy, Air Force, Marine Corps, Coast Guard, or Revenue Marine (Revenue Cutter) Service; and (2) served either (i) in time of war, or (ii) in time of peace in a campaign or expedition for which a medal has been issued by Congress, or (iii) in time of peace and because of a service-connected disability was released from active duty; and— (3) resides in the State on the current lien date. An unmarried person who owns property valued at $5,000 or more, or a married person, who, together with the spouse, owns property valued at $10,000 or more, is ineligible for this exemption. If the claimant is married and does not own property eligible for the full amount of the exemption, property of the spouse shall be eligible for the unused balance of the exemption. [Veterans' Exemptions] (p) Property in the amount of $1,000 of a claimant who (1) is the unmarried spouse of a deceased veteran who met the service requirement stated in paragraphs (1) and (2) of subsection 3 (0), and (2) does not own property in excess of $10,000, and [Veterans' Exemptions] (q) Property in the amount of $1,000 of a claimant who |