California voters will decide Proposition 43 on November 3, 2026, a legislatively referred constitutional amendment that would raise the approval threshold for citizen-initiated local special taxes from a simple majority to two-thirds while prohibiting certain ad valorem property taxes through initiatives. The measure emerged from a June 2026 compromise after the Howard Jarvis Taxpayers Association withdrew its broader, retroactive initiative in exchange for legislative action removing a competing amendment and advancing this narrower version, preserving existing local revenues. Trader sentiment remains closely balanced as taxpayer protection advocates emphasize consistency with Proposition 13 supermajority rules for special taxes, while local governments, unions, and service providers highlight risks to funding for infrastructure, education, and public safety. Recent campaign activity, endorsements from business or labor groups, and polling on voter attitudes toward tax thresholds could shift the narrow "No" edge in either direction ahead of the election.