The Homeowners for Families and Tax Savings for Seniors Committee issued the following statement in reaction to the announcement by California’s Secretary of State that the Property Tax Fairness Initiative has been declared eligible for the November 6, 2018, General Election ballot. When passed, the measure will eliminate what amounts to a moving penalty that severely restricts the ability of seniors, disabled residents, victims of natural disasters, and homeowners living on contaminated property from being able to relocate due to unfair property taxes increases.
“REALTORS® and California voters believe that homeowners who are seniors, disabled, victims of disasters, and homeowners living on contaminated property deserve the opportunity to move to safer, more practical homes without being penalized,” said Steve White, President of the California Association of REALTORS® (C.A.R.), the initiative’s sponsor.
White noted that the Property Tax Fairness Initiative simplifies what today is a patchwork of inconsistent county property tax laws. Passage would help homeowners, age 55 and older, to limit the property tax increases they would face when moving to a new home, while granting the same protections to disabled homeowners, people whose homes have been destroyed by a natural disaster, and those who discover their home is located on contaminated property. The initiative allows people to move across the state while including safeguards to ensure that people continue to pay their fair share of property taxes. Furthermore, economic studies have shown the initiative can increase property transactions and increase economic activity.
“Our goal to provide property tax fairness is within sight, and REALTORS® look forward to building a diverse statewide coalition of voters across California, including senior groups, advocates for people with disabilities and people who have faced property tax spikes after losing their homes to natural disasters or whose homes are found to be on contaminated property. We have the resources and grass roots strength to eliminate the property tax moving penalty, strengthen neighborhoods, and improve housing opportunities for all Californians,” White concluded.
To learn more about this initiative and how it can benefit you or your loved ones, please contact your Fidelity National Titles Sales Executive.
**article credits to PR Newswire, California Association of REALTORS® and Steve White, C.A.R. President**