By Jeff Collins, Orange County Register | An overhaul of Proposition 13, California’s landmark tax-control measure, could go before state voters next year under a plan adopted last month by the California Association of Realtors.
The trade group is launching a signature drive to put a new proposition on the November 2018 ballot that would expand tax breaks for homeowners age 55 and older or those who are disabled.
If passed, the proposition would allow senior and disabled homeowners to transfer their low, existing Prop. 13 tax assessment to a new home anywhere in the state, using the option as often as they choose and paying any price for their new home.
Realtors say the provisions would help older owners “locked in their homes” because they’re reluctant to give up low Prop. 13 tax assessments when buying a new residence. Realtors maintain at least 70 percent of seniors haven’t moved in 17 years.
“It’s to make it easier for senior homeowners who want to move but don’t want to see a big tax bill,” said CAR President Steve White, owner of two Keller Williams brokerages in north Los Angeles County.
“Many homeowners who have seen their homes appreciate over the years are discouraged from moving because they face a big property tax increase,” White added. “This will allow senior homeowners to sell their existing home and blend their current tax rate with their new home. And it will free up their homes for other buyers who haven’t been able … to get into the housing market.”
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