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 Ballotpedia
The 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:
The C.A.R. wants realtors to go out and spread the word too:
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!
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 Initiative