Proposing revision of Oregon Constitution relating to taxation; and requiring approval by a two-thirds majority.

Proposes revision of Oregon Constitution directing Legislative Assembly to adopt sales tax on sales of tangible personal property and services and use tax on tangible personal property. Requires exemption from taxes for necessities. Preempts local sales and use taxes not approved on or before November 6, 2018. Exempts from property taxation first $500,000 of assessed value of owner-occupied primary residence. Requires Legislative Assembly to annually index exemption amount. Requires Legislative Assembly to establish property tax relief fund. Requires that ___ percent of revenue from sales and use taxes be transferred to fund for purpose of compensating local taxing jurisdictions for property tax revenue forgone as consequence of $500,000 owner-occupied primary residence exemption. Provides that exemption does not apply to local option ad valorem property taxes or local bond levies approved by voters of local taxing jurisdiction on or after November 6, 2018. Requires Legislative Assembly to establish traffic law enforcement fund. Requires that ___ percent of revenue from sales and use taxes be transferred to fund for purpose of maintaining state police force to enforce traffic laws in number equal to or greater than per capita national average. Provides that amounts in excess of amount necessary for maintaining state police force shall be expended to pay unfunded liabilities of public employees retirement system. Refers proposed revision to people for their approval or rejection at next primary election.