Attorney General No.
Secretary of State No.
Removes the following current requirements for homeowners to transfer their property tax base to a replacement residence: that the homeowner be over 55 or severely disabled, replacement property be of equal or lesser value, and the transfer occur only once. Removes similar replacement-value requirement on transfers for contaminated or disaster-destroyed property. Requires adjustments to the replacement property's tax base, based on the new property's value. Retains requirement that new residence or property be in a specific county. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government:¬†Annual property tax losses for cities, counties, and special districts of around a couple hundred million dollars in the near term, growing over time to as much as a couple billion dollars per year (in today's dollars
Alexander E. Creel c/o Christopher C. Carlisle (916) 492-5200
Failed to Qualify
Changes Requirements for Certain Property Owners to Transfer Their Property Tax Base to Replacement Property. Initiative Constitutional Amendment and Statute. California Initiative 1808 (2017).