Nearly 1 million signatures filed for initiative to strike Prop. 13’s ‘moving penalty’

By Jeff Collins | Backers of a statewide initiative aimed at expanding Prop. 13 for senior homeowners have submitted almost a million signatures to election officials, more than enough to qualify the measure for next November’s ballot, the California Association of Realtors, the initiative’s principal backer, has announced.

Now election officials must verify the petitions to make sure they contain the required 585,000 voter signatures needed to place the measure on the November 2018 ballot.

If approved, the Prop. 13 “portability” measure would allow homeowners who are 55 or older to take their low property tax base with them after selling their home and buying a new home anywhere in the state. There would be no limit on how many times they can use the provision and no limit on home prices (although buying a more expensive home would result in a slightly higher “blended” tax assessment).

To read the entire news story, please click here.

This entry was posted in Prop. 13. Bookmark the permalink.

Comments are closed.