A Fight To End Property Tax Disadvantages for Seniors- Signatures Sought.
The California Association of Realtors is looking to expand the benefits of Proposition 60 / Proposition 90.
Under current laws, homeowners can transfer a low property tax base to another property. This is seen as a major factor in helping older homeowners transition into smaller homes or retirement desired areas.
However, the current Proposition 60/90 has limitations that the C.A.R. seeks to eliminate in order to stimulate the transfer of homeownership from older owners to younger owners.
This historic effort will eliminate any penalty incurred by homeowners over the age of 55 that happen to move within California. Data shows that 75% of homeowners over the age of 55 have not moved since 2000. This is in large part due to how property taxes could triple if they were to relocate closer to family or downsize.
More to come on the Property Tax Fairness Initiative and a signature collection campaign will soon embark. Stay tuned.
If you have any questions in the meantime feel free to reach out directly.
Michael Robleto is a REALTOR® with Pasadena based Podley Properties. His analytical and open approach to sales has served his clients well in his twenty years of sales. Michael brings a modern data and technology-driven approach to real estate while focusing on the historic architecture of Bungalow Heaven. Tapping his experience in media and journalism, he publishes in-depth blog articles that will be of interest to homeowners and home-buyers. He can be found on Facebook, YouTube, Twitter and Instagram under the common profile name of his blog BungalowAgent or at www.BunaglowAgent.com/blog. For Sellers or Buyers Agent representation he can be contacted directly.
The California Association of REALTORS® (C.A.R.) is embarking on an historic effort to increase homeownership opportunities, one that we know REALTORS® can feel good about supporting. C.A.R. is going to qualify an initiative for the November 2018 ballot which will allow senior homeowners (55 years of age and older) to keep all or most of their Proposition 13 property tax savings when they move.
This is important because seniors, who are often on a fixed income, fear they will not be able to afford a big property tax increase if they sell their existing home and buy another one, discouraging them from ever moving. As a result of this “moving penalty”, almost three-quarters of homeowners 55 and older haven’t moved since 2000. C.A.R.’s portability initiative would allow senior homeowners to transfer their property tax base from their current residence to a replacement residence located anywhere in California.
The measure, if approved by voters, will let thousands of seniors, currently “locked into” their homes by low property tax rates purchase a home that will better suit their needs while expanding the housing inventory for young families seeking to buy a home. According to the California Legislative Analyst's Office, tens of thousands additional homeownership opportunities will occur annually.