The measure changes the assessment of most nonresidential real property. For this property the annual assessment would be based on the fair market value of the property rather than on the acquisition price of the property. In addition, the measure exempts from property taxation the first $500,000 of value of personal property owned. The measure also provides that revenues raised from the increased property tax would be spent according to the following schedule: 50 percent of the revenues would go to school districts in the county of collection, with at least 10 percent of the amount so allocated spent on instructional materials. These would be counted as Proposition 98 funds and would be a supplement to the existing minimum funding guarantee; 20 percent would go to senior citizens’ property tax relief programs; 15 percent would go to transportation projects in the county of collection ; and 15 percent would go to enhance local public safety in the county of collection.