The California Association of Realtors is pushing a new proposal:
C.A.R.’s Portability Initiative would allow homeowners 55 years of age or older to transfer some of their Proposition 13 property tax base to a home of any price, located anywhere in the state, any number of times.
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.
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 Legislative Analyst’s Office almost 43,000 additional transactions will occur annually.
The cost to circulate the initiative for signature gathering is $3 million, with the cost of the subsequent campaign ranging between $30 million and perhaps upward of $50 million, if the initiative is heavily contested. Funding would come from C.A.R. political action committees, reserves, NAR funds and a C.A.R. member assessment.
They conveniently ignore the fact that Prop 60 and 90 have already allowed homeowners 55 years of age and older to transfer their property-tax basis to a lower-priced home in these counties:
- Alameda
- El Dorado
- Los Angeles
- Orange
- Riverside
- San Diego
- San Mateo
- Santa Clara
- Tuolumne
- Ventura
So the ‘almost 43,000 additional transactions’ that will occur annually will be by those seniors who want/need a more-expensive home, or those tired of living at the coast who have been dying to move to places like El Centro!
The C.A.R. is also asking each realtor to join in:
The best way to help promote the initiative right now is to sign it, collect 4 additional signatures from family, friends, and clients, and return the petition. Anyone who signs the petition must be a registered voter and reside in the same county as the other signers on that petition. More petitions are available at your local association of REALTORS® office and REALTORS® are encouraged to gather signatures from their clients and while walking their farms.
Access instructions for signature gathering and a helpful script and walking piece HERE.
Agents don’t have to worry too much about gathering their own signatures, because C.A.R. is assessing us an extra fee to pay for a campaign company.
Or trade for triple-digits summers…..in Sac-town:
http://www.mercurynews.com/2017/11/18/bay-area-residents-seek-the-california-dream-in-sacramento/
Struggling for relevance. There is value in promoting Props 60 & 90 to more counties but that is a CA only issue.
Hello counties on the Central Coast. Get your early bird specials ready. We’re coming.
It may not matter. Self driving RVs and instant print houses and them darned clever boomers might just go mobile and stay ahead of the tax man. Seriously, both innovations are coming fast while the Real Estate Complex is still struggling with web portals. I’m waiting for the consequences of a simple application to kick in. Rent an apartment without a parking space and not worry about it. Or; send the car out of the gas lamp district while you have dinner and call it back when you are done. Concerts? Ball games? Oh… wait sorry, touchy subject. Never mind. Still, Three car garages can be rented out even in those horrible snout houses that don’t have room for a Mini Cooper in that concrete strip they pretend is a driveway. We benefited greatly, SD in particular, from a personal mobility revolution no one really noticed. Trust me, they will notice the next phase because it will be soon and fast and transformative about how we live. If the NAR wants “in” there’s a learning curve. They aren’t even aware of the titles of the employees they don’t have to gain a seat at the table.
It is easy to say these changes will occur fast on self-driving, it will not, not after the first accident or red light blown, its 10 years away.
People will still want to “control their life and their living space. It just is going towards the have and have nots…look for new generations of life time renters with property prices still expensive.
10 years from people will say the same thing ” I should of bought on the coast, and the people that left complaining about high prices are in for a surpise, Higher prices
I still maintain that unless car insurance is provide by the state, no insurance company will cover “self-driving” cars, especially if they require a modem to stay up to date. That makes them de facto insecure, and a ripe target for sociopaths in the programming field of whom are legion. Personally, because I still love life, I wouldn’t step foot in a “self-driving” monstrosity.
I called BS on “google glass,” and was not disappointed. This is “google glass” while “betting your a$$.” Even progressives will balk because of this. Never fans of accountability, “self-drive” cars forces them to bet their a$$es. After the first few fiery crashes, they’ll run and hide, while advocating for the teeming masses to accept it. The teeming masses, while dumb, aren’t that dumb.
Trusty Rule: Betting your a$$ cuts the bull$hit.
For Christ’s sake, why not use that money to kill the monstrous tax bill?
Dave: “Open the car door, Hal!”
Hal: “I’m sorry, Dave. I’m afraid I can’t do that.”
https://www.usatoday.com/story/money/cars/2017/11/23/self-driving-cars-programmed-decide-who-dies-crash/891493001/
Hello counties on the Central Coast. Get your early bird specials ready. We’re coming.
I’m skeptical – here are the deciding criteria:
1. Are the grandchildren nearby?
2. Can I get a view? (most people don’t have a view)
3. Is it walkable?
4. Can I get a better deal?
Plus, if the gain on the current and long-time residence is hefty (more than the tax-free $500,000) where pops has to pay capital-gains tax of more than $20,000, there will be hesitation.
But those who sell here for $2,000,000+ might find a deal that’s worth it:
https://www.realtor.com/realestateandhomes-detail/5081-Windsor-Blvd_Cambria_CA_93428_M10905-98157
https://www.realtor.com/realestateandhomes-detail/329-Leighton-St_Cambria_CA_93428_M26658-60945
As from personal experience I know for a fact that that pinnacle of
German engineering, Mercedes Benz is totally and utterly incapable of manufacturing something as simple as a reliably functioning electronically operated window winding mechanism for an S Class model I very seriously doubt their capability or ability to manufacture something as complicated and difficult to make as a reliable electronically operated self steering mechanism.
> 1. Are the grandchildren nearby?
> 2. Can I get a view? (most people don’t have a view)
> 3. Is it walkable?
Most Retirement QoL calculators also include quality of area health care. And Yes, SD is consistently in the top tier.
With being smug, I really do feel for people who do not have a view. It would be a hit to my QoL without mine.
Most Retirement QoL calculators also include quality of area health care.
Yes, forgot that one, and once people are comfortable with their doctors, they don’t like the thought of leaving them.
I am personally against CAR members having to pay $100 for this initiative. What will the CA Association of Realtors want us to pay for next? Migrant housing? The truth is – if you can’t afford to live in CA then move. Nevada is a wonderful place to live as one example. Email CAR at portability@car.org and tell them NO to funding this initiative!
Agreed – it should have went to a member vote.