The California Association of Realtors has collected enough signatures to get Proposition 5 onto the November 2018 General Election Ballot. This could help a lot of home owners who are looking to move within the State of California! Take a look at the main points of the initiative:
Remove the “moving penalty” for seniors 55 and older, the disabled, victims of natural disasters, and those whose homes are located on contaminated property, allowing them to carry their current Proposition 13-protected property tax assessment level to another home of any price, anywhere in the state, any number of times.
Eliminate intergenerational transfers of primary residences and other inherited property being used as income-producing properties without reassessment.
Address abuses by commercial property owners who avoid property tax reassessment by means of “creative” transfers
If you would like to learn more about the Proposition, click on this link