Election 2018: Proposition 5 – Property Tax Assessments

Creates a state constitutional change that would allow those over the age of 55 and individuals suffering from severe disabilities to transfer their existing tax assessments
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What this proposition does: This proposition would create a state constitutional change that would allow those over the age of 55 and individuals suffering from severe disabilities to transfer their existing tax assessments on their current home to a new home if they decide to move regardless of where they move, how often they move or the value of the new home they move to. The new home’s tax assessment would be adjusted through a formula that is based on the values of both the new home and the previous home. What supporters say: Proponents claim the current system penalizes seniors and the disabled who want to move closer to their families or in communities where needed services might be better, and they say it also penalizes other homebuyers because seniors are more likely to stay put, which contributes to a shortage of housing in some areas. Proponents say the initiative would incentivize seniors to move to other areas of the state, which could free up housing in areas where it is much-needed, and would allow seniors and the disabled to seek out homes that are better suited to their needs. What opponents say: Opponents claim the initiative would do nothing to free up much-needed supply of housing during the state’s housing crisis. Opponents argue that the tax assessment break would disproportionately benefit wealthy Californians while drying up a revenue supply for cities and counties that depend on property taxes to fund infrastructure, education and public safety services. Opponents say the initiative would do nothing to build new housing and could even make the current situation worse. What a YES vote means: A YES vote on Proposition 5 means a voter wants to allow those over the age of 55 and disabled individuals unlimited transfers of their property tax assessments anywhere in the state, with the value of future tax assessments based on a new formula that could see an upward or downward adjustment of the assessment. What a NO vote means: A NO vote on Proposition 5 means a voter wants to preserve the current system of property tax assessments and transfers for those over the age of 55. Official ballot title: “Changes Requirements for Certain Property Owners to Transfer Their Property Tax Base to Replacement Property. Initiative Constitutional Amendment and Statute.”  ]]>

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