All properties valued over $3 million on the tax rolls (not necessarily the market value) are subject to the property tax surcharge if the measure passes

True. And the fact that most voters in this state are so woefully uninformed will mean most have no knowledge about the issue they will be asked to vote on.
That is how we end up the passage of nonsense initiatives like high speed rail or condos for chickens which has doubled the prices of eggs.
Most likely low information voters will just skip by all these initiatives altogether which means those who actually vote on them are the activists who placed them on the ballot in the first place.
And lower vote totals means the crazy stuff has a much better chance to pass which is what the activist ideologues, politicians and special interests want.
Even worse, the historic low levels of voting then makes it easier for an ever smaller group of initiative supporters to get one qualified since the signature requirement is based on the percentage of folks voting in the previous election.
Absent of people actually becoming better informed which is unlikely, maybe what we need is another initiative (sigh) that mandates none of them can pass without the support of 50% of the registered voters of the state.