What has happened to all the money so far? Californians already pay among the highest taxes in the Nation. Prop 13 is a landmark piece of legislation that was enacted to protect the rights of property owners by capping the tax rate at 1.25% of the value of the property. With property values already at an all-time high, any changes to Prop 13 would have a significant, immediate and devastating effect on our state’s economy. Some estimates state that property taxes will likely double if there are any changes to Prop 13. Sacramento must find ways to spend the billions of dollars they already receive in a more sensible manner.