ASSESSED VALUATION. REPLACEMENT DWELLINGS. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Currently, homeowners over the age of 55 may, under certain conditions, transfer the current assessed value of their home to a replacement dwelling of equal or lesser value located in the same county. This authorizes the Legislature to permit the transfer of assessed valuation to replacement dwellings located in different counties if the county of the replacement dwelling adopts an ordinance participating in the program. Applies to replacement dwellings acquired on or after a county ordinance is adopted, but not before November 9, 1988. Contains provisions concerning the effective date of amendments. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: By itself, this measure would have no direct fiscal effect because it merely authorizes legislative action. If implemented, it would reduce property tax collections in an amount which would depend on the extent of county participation, number of qualifying homeowners, and value of dwellings involved. The property tax revenue loss would not exceed $20 million in the first year if all counties participated and could be substantially less. The revenue loss would increase annually. Sixty percent of the loss would be borne by the cities, counties, and special districts. The remainder would affect school districts and community college districts. Under existing law, the State General Fund would offset the schools' losses beginning in 1989-90.
Legislative Vote Results
Assembly - Ayes, 77; Noes, 1 -- Senate - Ayes, 36; Noes, 0
Popular Vote Results
Y: 6080268; A: 69.12; N: 2716732; B: 30.88
Assembly Constitutional Amendment
Code Sections Affected
Amended Cal. Const. art. XIIIA, section 2
Dave Elder, Member of the Assembly, 57th District; Cecil Green, State Senator, 33rd District; Josephine D. Barbano, Chair, California State Legislative Committee American Association of Retired Persons
Gary B. Wesley, Attorney at Law
Rebuttal Against Author
Henry J. Mello, State Senator, 17th District Chairman, Senate Subcommittee on Aging; William Campbell, State Senator, 31st District Chairman, Joint Legislative Budget Committee; Phillip Isenberg, Member of the Assembly, 10th District
Assessed Valuation. Replacement Dwellings. California Proposition 90 (1988).