Title

Changes Requirements for Certain Property Owners to Transfer Their Property Tax Base to Replacement Property. Initiative Constitutional Amendment and Statute.

Attorney General No.

17-0013

Secretary of State No.

1809

Description

Removes the following current requirements for homeowners who are over 55 years old or severely disabled to transfer their property tax base to a replacement residence: that replacement property be of equal or lesser value, replacement residence be in specific county, and the transfer occur only once. Removes similar replacement-value and location requirements on transfers for contaminated or disaster-destroyed property. Requires adjustments to the replacement property's tax base, based on the new property's value. 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 $150 million in the near term, growing over time to $1 billion or more per year (in today's dollars

Proponents

Alexander E. Creel c/o Christopher C. Carlisle (916) 492-5200

Date

9-25-2017

Document Type

Article

Qualified

Qualified

Recommended Citation

Changes Requirements for Certain Property Owners to Transfer Their Property Tax Base to Replacement Property. Initiative Constitutional Amendment and Statute. California Initiative 1809 (2017).
https://repository.uclawsf.edu/ca_ballot_inits/2086