LOS ANGELES -- Moody's Investors Service cautioned yesterday that a proposed tax limitation initiative in Idaho could substantially reduce some local governments' revenue and possibly prompt downgrades in the near term.

The initiative, which will appear on the statewide Nov. 3 ballot, calls for limiting the property tax levies of all cities, counties, school districts, and other taxing districts to an amount equal to 1% of the market value of taxable property.

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