This past week an unprecedented 1.4 million signatures from California voters were submitted in support of the Family Home Protection and Fairness in Property Tax Act. The initiative, sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), will help alleviate California’s housing crisis by providing relief for victims of wildfires, people with disabilities, and homeowners over the age of 55.
Specifically, The Family Home Protection and Fairness in Property Tax Act will do the following:
Provide Housing Relief for Seniors, People with Disabilities and Victims of Wildfires
The initiative allows seniors (55 years or older), people with disabilities and victims of wildfires to transfer their current home’s property tax base to a new residence anywhere in California.
Protect Children Who Inherit the Family Home from a Large Property Tax Increase
The initiative protects the right to pass a family home onto children and grandchildren for use as a primary residence without a large tax increase.
Benefit Schools & Communities
The initiative will generate hundreds of millions of dollars in new revenue for local schools, cities, and counties. These revenues can provide additional resources for public safety, emergency services, libraries, local housing and homeless programs and infrastructure.
With about 4.1 million California homeowners aged 55 or older by 2021, the initiative will likely generate 67,000 to 90,000 new home transactions in the first year of implementation.
Be on the lookout for more information on The Family Home Protection and Fairness in Property Tax Act. If you’d like to get involved, please email realtorparty@car.org.