PROPOSITION 19 – Our Own

[vc_empty_space height=”24px”][qodef_custom_font font_family=”Poppins” font_size=”56″ line_height=”67″ font_weight=”400″ letter_spacing=”-2″ text_transform=”capitalize” text_align=”left” content_custom_font=”PROPOSITION 19.” color=”#0a0a0a”][qodef_custom_font font_family=”Poppins” font_size=”36″ line_height=”67″ font_weight=”900″ letter_spacing=”1″ text_transform=”capitalize” text_align=”left” content_custom_font=”Revising homeowners’ property tax breaks” color=”#0a0a0a”]

WHAT WILL IT DO?

Allow home owners over 55 and those that are disabled to transfer their homes property tax rate to a new home anywhere in the state up to 3 times, even if the value of the new home is greater than their current residence.

It would also eliminate the tax break for inherited homes that are not being used as the owners’ primary residence or is valued over $1 million.

Most of the revenue from the measure would fund wildfire agencies.

CONTEXT:

Currently homeowners who are disabled or over 55 are allowed to transfer their homes property tax rate to a new home only once and under certain conditions. The tax rate can only be transferred to homes of equal or lesser value, and in certain counties. This measure was initially established to encourage downsizing.

Inherited properties handed down from grandparents or parents are currently protected from tax reassessment, despite how the property is used. This means that you would maintain the rate based on the original purchase price of the property with only a minor annual adjustment.

ARGUMENTS FOR:

By removing the tax break on inherited property, schools, cities and county government could recoup millions in tax revenue.

ARGUMENTS AGAINST:

This would highly benefit homeowners who already reap the biggest benefits from California’s property tax laws- senior home owners. It would also add to the competition for a short supply of more-affordable smaller homes, squeezing out first-time buyers.

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