Please Vote YES on Proposition 5 – Property Tax Fairness Imitative (Prop 5)
The Property Tax Fairness Initiative (Prop 5) removes the unfair moving penalty for seniors, the severely disabled and disaster victims across the entire state while still ensuring they pay their fair share of property taxes.
Seniors will have the freedom to downsize or move closer to family. The severely disabled will be able to move to more practical homes. Many disaster victims will now have the opportunity to move without being penalized.
Too many Californians feel like they will never be able to become homeowners. Eliminating the moving penalty for seniors, disaster victims and the severely disabled will create more opportunities for homeownership for first time buyers and young families.
Proposition 5 will amend Proposition 13 to allow homebuyers 55 and older, or disabled, to transfer the tax assessed value from their prior home to a new home, no matter the new home’s market value, location, or number of moves they may make.
EXAMPLE 1: A couple sells their house for $500,000, and it had a tax assessed value of $75,000. They buy a new house for $800,000. The tax assessed value of the new house would be $75,000 + (the Delta between $500,000 & $800,000) which is $300,000. New Tax Value = $375,000. NOT the &800,000 value of the new home.
EXAMPLE 2: A couple sells their house for $500,000, and it had a tax assessed value of $75,000. They buy a new house for $300,000. The Tax Assessed Value of the new house would be $75,000 X (the price of the new house, $300,000, divided bythe sale price of their home at $500,000, which is 60%.) So, the tax assessed value of the new house is $75,000 X 60% = $45,000. A dramatic tax savings for downsizing buyers.
Of course, you should consult your tax advisors and accountants for advice and guidance on how these propositions would apply to your specific situation.
Please Vote NO on Proposition 10
Prop 10 will make California’s housing crisis worse. It’s the wrong solution for a state that desperately needs to create more affordable housing for middle class families, seniors & veterans. Both gubernatorial candidates – Democrat Gavin Newsom and Republican John Cox – and affordable housing experts all oppose Prop 10 because it will make housing less available and less affordable.
Prop 10 will let government dictate rental pricing for privately owned single-family homes.
Prop 10 will reduce home values by more than 10%, according to MIT researchers; an average loss of approximately $39,000 per California homeowner.
Prop 10 will significantly restrict what single-family homeowners can do with their homes.
Prop 10 could allow bureaucrats to charge homeowners a fee for taking their home off the rental market.
The facts are clear: Prop 10 will reduce affordable and middle-class housing in California and drive down existing home values.
For more information, please visit www.housingforCalifornia.com.