Property Tax Fairness Initiative 

C.A.R.’s portability initiative will 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 freeing up 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. See the video on what the initiative is here or below.

This measure 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.

What is the Initiative Video

Proposition Comparison Chart

Links:

NAR

C.A.R.
REALTOR Action Fund

Want to get Involved?

REALTORS® are a special interest group working to promote and protect private property rights and to protect and promote the brokerage and management of real estate. Join the Governmental Affairs Committee if you wish to know what is happening politically or wish to volunteer. We learn about and debate the issues, take positions and hold events with legislators. Speak to Elizabeth de Carteret via email at elizabethd@srar.com