Since 1978 the state legislature has amended, altered or "reformed" property tax 134 times.
This tells us that the tax cannot be fixed.
Legislation to abolish property tax was introduced in the 2009 legislative session. The bill was defeated. There was even an attempt to turn the bill into a study to investigate the issue and that even failed.
Since the initiative qualified for the ballot, several city and county groups have come out in opposition to the measure, in direct violation of state law. The hysteria coming from government leaders include threats that this will be the end of public education, fire and police protection will be terminated, and there will be no more roads (remember that roads are funded through the gas tax).