There are two real estate-related measures expected to be on the November, 2020 ballot.
The most contentious will be the attempt to modify Proposition 13 – one version has already qualified to be on the ballot, and organizers hope to get enough signatures to qualify a revised version.
Here are the differences:
Link to Comparision on BallotpediaThe Howard Jarvis Taxpayers Association has something to say about it here:
Link to hjta.com article~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The other initiative is the one that failed in 2018 because the tepid support from the California Association of Realtors was intended to test the waters, and then get it passed in 2020. It would enable seniors to buy their next home in any county, at any price, and bring their old property-tax basis with them.
I’m not convinced there will be the surge in sales that the C.A.R. predicts, but for the group of seniors who are 55+ that want to move up in value, this could be worth waiting for if you have a small property-tax basis currently.
Here is a summary of the initiative:
https://ballotpedia.org/California_Property_Tax_Transfers_and_Exemptions_Initiative_(2020)
The C.A.R. wants realtors to go out and spread the word too:
Dear Jim,
As you may know, the state’s housing crisis continues to be the top issue California voters care about heading into next year’s election.
The CALIFORNIA ASSOCIATION OF REALTORS® is leading efforts to address California’s housing crisis at the local and statewide level, including qualifying our ballot measure for the 2020 November General Election. The initiative would remove the property tax “hit” senior homeowners can experience when moving to another home so that they can relocate anywhere in California, such as new housing and retirement communities or to be closer to family. It also protects the right of parents and grandparents to transfer their family home to their children — a right that’s been under threat or revocation in the Legislature.
These changes are an important part of the solution on housing — opening up existing inventory for purchase and making more efficient use of existing housing stock, while generating needed revenue for local schools and local government. At the same time, the measure will generate 67,000 to 90,000 new transactions on an annual basis, and more over time, as Baby Boomers transition out of their existing homes.
We’ve already launched a statewide signature gathering effort to qualify the measure for the November 2020 ballot. I’m pleased to share the news that signature gathering is off to a fast and robust start, with hundreds of thousands of voters throughout the state signing petitions to place this important measure on the ballot.
In December, we also launched a member program with the goal of collecting 50,000 valid signatures by February 20, 2020, and engaging REALTOR® members in the signature gathering process, which will build political engagement among the membership in preparation for the November 2020 General Election.
Research shows that the measure enjoys broad support — and the more that voters learn about the measure, support levels increase exponentially.
That’s why our local members play such an important role in a winning campaign. You are the best ambassadors to spread the word about the initiative and why it’s so important to place the measure on the 2020 ballot so that voters have the opportunity to be part of the housing solution in California.
I hope you will get actively involved in the campaign during our signature gathering phase.
In the meantime, I wish you and yours a very safe and joyous holiday season, and I hope you have a terrific 2020!
Sincerely,
Jeanne Radsick
C.A.R. President
It would seem to make more sense that the long-time homeowners would be downsizing, and the number who wanted to buy up would be somewhat limited as a result. But it would be a significant benefit to that group, and be worth waiting to move to see if this initiative passes in November. If it does, the effective date will be January 1, 2021.
Here is the text:
Link to Full Text of InitiativeMerry Christmas!
“California Schools and Local Communities Funding Act of 2020”
Boy did that title ever set off my B.S. Meter. If the California courts weren’t biased any self respecting judge would throw it out for being misleading.
There is also SB 50, which will make it easier to build higher-density projects, if approved:
https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200SB50
“California Schools and Local Communities Funding Act of 2020”
Agree – who wouldn’t vote for California schools and local communities, if that was all there was to it?
SB 50 guts all local planning authority rather than waiting for “Regional Government” to erode it. Not that “share” of “affordable” housing legislation hasn’t already done enough damage.
Here we go – from the CAR:
Recently, the Howard Jarvis Taxpayers Association sent a message to its members entitled “Did you mistakenly sign an initiative petition to raise property taxes?” In the message, that association states that signature gatherers are “falsely claiming” that C.A.R.’s California Home Fairness and Primary Residence Act would protect Proposition 13.
Let’s set the record straight on the initiative REALTORS® are advancing for the 2020 ballot. The message is an end-of-the-year fundraising plea from the Howard Jarvis Taxpayers Association, in which President Jon Coupal falsely attacks C.A.R.’s ballot measure in an attempt to scare up some contributions for his own organization.
Coupal himself admits that our measure “expands the opportunity for older [and disabled] homeowners to transfer their current property tax assessment to a replacement property.” In other words, he admits that C.A.R.’s ballot measure protects Prop 13’s tax benefits by allowing homeowners aged 55 years and older to transfer their existing property tax base to a new home.
Coupal also makes the outlandish assertion that C.A.R.’s measure “REVOKES the protections of Proposition 58 and 193, which currently allow transfers of property between parents and children, and grandparents and grandchildren, without reassessment.” His claim is patently false.
For the record, when the LA Times asked Coupal about the need to update Propositions 58 and 193 he stated that “even he was surprised the provision led to so many heirs” using tax benefits in ways that were “not in the voters’ minds.” (Los Angeles Times, 8/17/18)
C.A.R. believes the better course of action is to update the intergenerational transfer laws to protect funding for local government and use those funds to allow senior and disabled homeowners – as well as victims of natural disasters – to transfer their property tax base as needed.
That’s why C.A.R.’s measure PROTECTS the right for children to inherit and move into the family home without a tax increase.
Shame on the Howard Jarvis Taxpayers Association for mischaracterizing and attacking C.A.R.’s efforts for the purposes of raising money. The Howard Jarvis Taxpayers Association should be joining with C.A.R. to protect and strengthen Prop 13 savings for homeowners by passing this important ballot measure.
…update the intergenerational transfer laws to protect funding for local government and use those funds to allow senior and disabled homeowners – as well as victims of natural disasters – to transfer their property tax base as needed.
I’ll take her at her word. C.A.R. seeks to protect government revenues.
The rest of us call that tax increases.
I’ll take her at her word. C.A.R. seeks to protect government revenues.
You are very kind.
CAR only wants more sales & commissions (unlike NAR who doesn’t know what they want except to do as little as possible for realtors).