November 6, 2018 is around the corner and I am sharing two propositions affecting Real Estate properties with you.
- A “yes” vote on Prop supports amending Proposition 13 (1978) to allow homebuyers who are age 55 or older or severely disabled to transfer their tax assessments, with a possible adjustment, from their prior home to their new home, no matter (a) the new home’s market value; (b) the new home’s location in the state; or (c) the buyer’s number of moves.
- A “no” vote opposes amending Proposition 13, 90 & 60, currently in effect, to change how tax assessments are transferred between properties for homebuyers who are age 55 or older or severely disabled.
- A “yes” vote supports allowing local governments to adopt rent control on any type of rental housing, thus repealing the Costa-Hawkins Rental Housing Act.
- A “no” vote opposes the initiative, thus keeping the Costa-Hawkins Rental Housing Act and continuing to prohibit local governments from enacting rent control on certain buildings.
- Prop 5 is in addition to initial prop 13 voted in 1978, Prop 60 voted in 1986 and prop 90 voted in 1988
- For additional info on prior propositions, simply google “California Prop” and the number and read all about it.
CRESTICO is a full-service Real Estate Brokerage and Mortgage Lending firm in Los Angeles, California.
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