November 6, 2018 is around the corner and I am sharing two propositions affecting Real Estate properties with you.
California Proposition 5
Property Tax Transfer Initiative (“Prop 5”) concerns calculating property tax on owner-occupied replacement properties.
- 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.
California Proposition 10
Local Rent Control Initiative (“Prop 10”) concerns rent control for rental properties affecting tenants and landlords.
- 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.
You can read more about each Proposition at the links below.
Read what they are all about. Make a decision and remember to vote!
- 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.
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