Proposal No. 1

Article X

Sec. 21: The total amount of taxes assessed against property for all purposes in any one 1 year shall not exceed one and one-half 1⁤1⁄2 per cent of the assessed valuation of said property, except taxes levied for the payment of interest and principal on obligations heretofore incurred, which sums shall be separately assessed in all cases: Provided, That this limitation may be increased for a period of not to exceed five 5 years at any one 1 time, to not more than a total of five 5 per cent of the assessed valuation, by a two-thirds vote of the electors of any assessing district, or when provided for by the charter of a municipal corporation: Provided further, That this limitation shall not apply to taxes levied in the year 1932: Provided further, That this limitation shall not apply to the taxes levied in an amount not exceeding 1.2 per cent per year for the payment of the principal and of the interest on bonds issued by school districts for the purpose of defraying the cost of erecting, altering or improving buildings or making repairs thereto or purchasing a site therefor, maturing in not to exceed 15 years from date of issuance, when such bonds shall have been authorized by the legally required number of the qualified electors voting thereon.

Sources

• Joint Resolution No. 2 of 1939 (PDF)
• General Election, November 5, 1940, Proposals (Library of Michigan)
• Michigan Official Directory and Legislative Manual, 1941-1942, p. 341 (HathiTrust)
• Public and Local Acts of the Legislature of the State of Michigan Passed at the Regular Session of 1939, pp. 908–909 (HathiTrust)