Portability Initiative is Designed to Help 55 and Over to Sell Their Homes and Buy Another
The California Association of Realtors (CAR) is attempting to qualify a ballot initiative, The Property Tax Fairness Initiative, that will restructure the way property taxes are calculated for buyers over the age of 55 (also the disabled and/or natural disaster victims).
CAR says, “A large part of the reason why (55 and overs are not moving) is that, even if they want to downsize or move closer to family, the prospect of a property tax increase of 100, 200, or even 300 percent, effectively locks our parents and our grandparents in their homes.” Thus, CAR maintains, “The Property Tax Initiative will help these homeowners to sell their current homes and move without being subjected to what is effectively a massive moving penalty”.
How will it help? Currently there are only limited conditions under which someone over 55 may transfer his or her old tax base to a newly purchased home. The Initiative would expand this.
“C.A.R.’s Property Tax Fairness Initiative would allow homeowners 55 years of age or older to transfer their Prop. 13 tax-base to a home of any price, located anywhere in the state, any number of times.” –taken from realtytimes.com 2-13-18