California Proposition 5 Polls
- Who is behind the measure?
- Who will benefit?
- Pros v. Cons
- Updated Polls
California Proposition 5 Polls
If Proposition 5 pass, homeowners over 55 will be able to transfer their existing low property tax rate to their newly purchased home with slight adjustments. For the full text of the initiative click here. The “Property Tax Transfer Initiative” allows home owners to preserve most of the low property tax base when purchasing a new home, no matter the price of the new home. Proposition 5 amends Proposition 13 (passed in 1978) which allowed property tax transfers for those over 55 only for properties with the same or lower tax base.
Polls – right now, no official polls have been published for Proposition 5. So far, there is no organized opposition to proposition 5, with no official political action committee raising money to oppose it or any reported groups rallying against the opposition. The California Association of Realtors are the major supporters of Proposition 5, and according to some reports, already working on qualifying for the 2020 election in case it won’t pass this time.
Who is behind California Proposition 5?
The California Association of Realtors was the main driving force in qualifying the proposition on the ballot. Obviously, the goal is to increase sales volume by incentivizing older residents to sell their homes and move into a new home – when prior the only reason to stay was the low tax base. With Proposition 5 – owners over 55 can transfer the low tax base to a new home.
Who will benefit if it passes?
Proposition 5 will mostly benefit homeowners and real estate agents if it passes. Homeowners will enjoy a very low property tax base on the newly purchased home. Real estate agents will also benefit from Proposition 5 – homeowners will now have a reason to sell their homes when previously it was very penalizing to do so, and increased activity means more commissions.
Increased property tax income by the increased sales will also benefit the local county that collects the taxes. More home transactions means more property taxes for the county, which could be a major income boost to the local schools and police stations. While sellers who move into a new house could transfer most of the low property tax rate to the new property –
California Proposition 5 Pros v. Cons
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California Proposition 5 Polls
Choosing the right xxxx hard money loan is going to have a major impact on your investment. We can help you find the perfect private hard money lender with the lowest rates and fees so you can focus on the investment with confidence. Our large network of private lenders gives us an unprecedented ability to provide you with options – so you can make the best decision for your investment goals.
We believe that empowered burrowers make the best choices. What makes us different than other companies that sell you hard money loans? We never charge anything upfront, there is never an obligation to sign anything, and a zero pressure environment. We provide you with options and give you the ability to make your own choice.
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