Proposition Summary

Removes the following current requirements for homeowners who are over 55 years old or severely disabled to transfer their property tax base to a replacement residence: that replacement property be of equal or lesser value, replacement residence be in specific county, and the transfer occur only once. Removes similar replacement-value and location requirements on transfers for contaminated or disaster-destroyed property. Requires adjustments to the replacement property's tax base, based on the new property's value. Fiscal impact: Schools and other local governments each probably would lose over $100 million in annual property tax revenue in the first few years, growing over time to about $1 billion per year (in today's dollars). Similar increase in state costs to backfill school property tax losses.

Proposition Number

5

Year

2018

Document Type

Proposition

Pass/Fail

Fail

Popular Vote Results

Y:4813251; A:40.2; N:7152993; B:59.8

Election Type

General Election

Proposition Type

Initiative Constitutional Amendment and Statute

Code Sections Affected

California Constitution and amends and adds sections to the Revenue and Taxation Code

For Author

PENNY LILBURN, Executive Director, Highland Senior Center, KYLE MILES, Commander, AMVETS Department of California, SUSAN CHANDLER, President, Californians for Disability Rights, Inc.

Against Author

CAROL KIM, Board Member, Middle Class Taxpayers Association, SHAMUS ROLLER, Executive Director, National Housing Law Project, GARY PASSMORE, President, Congress of California Seniors

Rebuttal Author

NAN BRASMER, President, California Alliance for Retired Americans, HELEN L. HUTCHISON, President, League of Women Voters of California, TIM GAGE, Former Director, California Department of Finance

Rebuttal Against Author

MARILYN MARKHAM, Board Member, California Senior Advocates League, TOM CAMPBELL, Ph.D., Professor of Economics, MICHAEL C. GENEST, Former Director, California Department of Finance

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