Title

Changes Requirements for Certain Property Owners to Transfer Their Property Tax Base to Replacement Property. Initiative Constitutional Amendment and Statute.

Attorney General No.

17-0012

Secretary of State No.

1808

Description

Removes the following current requirements for homeowners to transfer their property tax base to a replacement residence: that the homeowner be over 55 or severely disabled, replacement property be of equal or lesser value, and the transfer occur only once. Removes similar replacement-value requirement on transfers for contaminated or disaster-destroyed property. Requires adjustments to the replacement property's tax base, based on the new property's value. Retains requirement that new residence or property be in a specific county. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Annual property tax losses for cities, counties, and special districts of around a couple hundred million dollars in the near term, growing over time to as much as a couple billion dollars per year (in today's dollars

Proponents

Alexander E. Creel c/o Christopher C. Carlisle (916) 492-5200

Date

9-25-2017

Document Type

Article

Qualified

Failed to Qualify

Recommended Citation

Changes Requirements for Certain Property Owners to Transfer Their Property Tax Base to Replacement Property. Initiative Constitutional Amendment and Statute. California Initiative 1808 (2017).
https://repository.uclawsf.edu/ca_ballot_inits/2085