Source: Mercury News
Proposition 19, a measure on the November ballot, generally would allow homeowners 55 and older and victims of wildfires or natural disasters to sell a property and keep their lower tax assessment on another home purchase in all other California counties up to three times. Under current law, homeowners can take their preferential tax rate to the same county or 10 others in the state, including Alameda, San Mateo and Santa Clara counties.
The measure also closes a tax loophole that allows descendants to keep taxes on certain inherited property artificially low, and creates new, dedicated funding for fire protection.