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The California Association of Realtors (C.A.R.) is sponsoring a proposal to help address housing affordability issues in the state.
Prop 13 Tax Base:
Right now, in California, homeowners 55+ years of age can transfer their Prop 13 tax base one time to a replacement home located in the same county (see Prop 60 and Prop 90), so long as the purchase price of the replacement is equal to or less than the sale price of the original residence.
Portability:
C.A.R.'s Tax Portability Initiative would allow homeowners 55+ years of age to transfer their Prop 13 tax base to a home of any price, located anywhere in the state, any number of times. There is no moving penalty, and the initiative keeps senior homeowner's property taxes low when they move.
Increased Housing Supply
With one of the biggest hurdles for senior homeowners cleared, they can move with a low tax base and create housing opportunities for younger buyers, including first-time and family homebuyers.
Sign the Petition
We need 1,000,000 signatures to get this proposal on the ballot. If you are a registered voter in California, please contact me and I will get the petition to you for signature. Together we can create housing opportunities.
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