The California Association of REALTORS® strongly OPPOSES Assembly Bill 1771, authored by Assemblymember Chris Ward, which attacks private property rights by imposing an unprecedented tax to property owners for simply deciding to sell their property resulting in diminished generational wealth building opportunities, less options to weather unforeseen life events, and limited housing inventory. AB 1771 seeks to impose up to a tax on the sale of a home if it is sold within a seven-year period. If the home was sold within the first three years, the tax would impose a punitive 25% tax. AB 1771 seeks to raise taxes on our state’s diverse communities as they are entering the housing market and securing homeownership opportunities – all at a time when the state enjoys a $45.7 billion budget surplus! Please click here for sample social media posts to share your opposition to AB 1771.
Specifically, AB 1771 would result in:
- increased taxes on homeowners;
- higher prices due to a reduced supply of homes as investors hold on to properties and homeowners are trapped in their homes; and,
- limited wealth-building opportunities for California’s new and more diverse population of homeowners.