What is the effect of section 12 of the California Constitution on property taxes?

2 In 1970 section 12 of article XI was renumbered as section 37 of article XIII. In 1974 that section was repealed, and the quoted portion appeared in a new form in section 1 of article XIII: 'Unless otherwise provided by this Constitution or the laws of the United States: (a) All property is taxable and shall be assessed at the same percentage of fair market value. When a value standard other than fair market value is prescribed by this Constitution or by statute authorized by this Constitution, the same percentage shall be applied to determine the assessed value. The value to which the percentage is applied, whether it be the fair market value or not, shall be known for property tax purposes as the full value. (b) All property so assessed shall be taxed in proportion to its full value.' (See County of Sacramento v. Hickman (1967) 66 Cal.2d 841, 59 Cal.Rptr. 609, 428 P.2d 593.)