Tagged : Proposition 13

Found 2 blog entries tagged as "Proposition 13".

Unlocking inventory, increasing the number homes for sale and creating more homeownership opportunity for younger buyers is the goal behind the California Association of Realtors (C.A.R.) 2018 Property Tax Portability Initiative. Realtors throughout California are collecting signatures to get this Initiative on the November 2018 ballot. It's my understanding that the Initiative is supposed to remove the barriers that keep Seniors 55 and older from selling their homes.  That would mean allowing Seniors to carry their property tax base to a replacement property anywhere in California and removing the restriction that the replacement property be of equal or lesser value.

Here’s the story behind this initiative. Seniors throughout California (Marin has

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Voters approved Proposition 60 and 90 in the late 1980's giving homeowners older than 55 a one-time property tax break when they sell their primary residence and buy a replacement property of equal or lesser value. The California Association of Realtors (CAR) sponsored legislation that would have extended this tax break to Seniors who buy a more expensive home. The thinking behind this Bill, which didn't make it out of the Appropriations Committee, is that many times Seniors have to spend more money to downsize to a newer home or one with a more age-friendly floor plan. This prevents many empty nesters from selling big homes they no longer need or want because they can't afford to take on a higher property tax bill.  If they were able to move, it

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