C.A.R. Files Revised
Ballot Initiative (California Association of Realtors).
In its continuing effort to
address California’s unprecedented housing supply crisis and eliminate the
“moving penalty” that severely restricts the ability of seniors, disabled
residents, and victims of natural disasters to relocate, C.A.R. as filed a
revised initiative with the Attorney General for preparation of title and
summary for the November 2020 ballot. The new initiative would:
- Remove the “moving
penalty” for seniors 55 and older, the disabled, victims of natural
disasters, and those whose homes are located on contaminated property,
allowing them to carry their current Proposition 13-protected property tax
assessment level to another home of any price, anywhere in the state, any
number of times.
- Eliminate
intergenerational transfers of primary residences and other inherited
property being used as income-producing properties without reassessment.
- Address abuses by
commercial property owners who avoid property tax reassessment by means of
“creative” transfers.
“Filing this new initiative will allow C.A.R. – in the event the
‘moving penalty’ is not eliminated this November – to immediately begin
gathering signatures to qualify the new initiative for the November 2020 ballot
and reinforce our commitment to making tax fairness a reality,” said C.A.R.
President Steve White. “This new initiative will provide for property tax base
portability, reform the intergenerational transfer laws, and address the true
‘split roll’ problem – corporations gaming the current property tax
reassessment system. And, most significantly, it will raise money for schools
and local governments,” stated White.
C.A.R. has already qualified an initiative for the November 2018 ballot, now known as Proposition 5, which addresses the “moving penalty” on seniors, the disabled, victims of natural disasters, and those whose homes are located on contaminated property.
This Initiative would help a lot the real estate shortage situation in the Silicon Valley, as it would make it easier for a lot of would-be sellers to sell and buy somewhere else in California, while keeping their property tax basis. This in turn would free up inventory and enable more would-be buyers to buy.
Francis Rolland
Home Valuation tool
Detailed, local trends etc...
Current mortgage rates (recent uptick)
A worthy local non-profit to remember: Community Services Agency in Mountain View.
C.A.R. has already qualified an initiative for the November 2018 ballot, now known as Proposition 5, which addresses the “moving penalty” on seniors, the disabled, victims of natural disasters, and those whose homes are located on contaminated property.
This Initiative would help a lot the real estate shortage situation in the Silicon Valley, as it would make it easier for a lot of would-be sellers to sell and buy somewhere else in California, while keeping their property tax basis. This in turn would free up inventory and enable more would-be buyers to buy.
Francis Rolland
Home Valuation tool
Detailed, local trends etc...
Current mortgage rates (recent uptick)
A worthy local non-profit to remember: Community Services Agency in Mountain View.
