Changes Requirements for Certain Property Owners to Transfer Their Property Tax Base to Replacement Property
California Ballot Measure - Proposition 5
Election: Nov. 6, 2018 (General)
Outcome: Failed
Categories:
Housing and PropertyTaxes
Summary
Removes certain transfer requirements for homeowners over 55, severely disabled homeowners, and contaminated or disaster-destroyed property. Fiscal Impact: Schools and local governments each would lose over $100 million in annual property taxes early on, growing to about $1 billion per year. Similar increase in state costs to backfill school property tax losses.
Resources
Official Summary
Source