FAMILY HOME PROTECTION AND FAIRNESS
IN PROPERTY TAX INITIATIVE
LACBOR stands with the California Association of REALTORS (C.A.R.)
Added August 2020
Direct from C.A.R.
C.A.R. is focused on helping members by identifying areas that will help REALTORS®, our clients, the economy and housing market make it through this immediate crisis to support your long-term success. This is why C.A.R. has been supporting The Family Home Protection and Fairness in Property Tax Initiative.
C.A.R. Board of Directors voted to support the signature-gathering effort of the initiative at the Fall 2019 Board of Directors meeting and as a result submitted nearly 1.5 million signatures to qualify the initiative for the November 2020 ballot. New polling conducted post-COVID-19 confirms that 69% of likely voters support the initiative after hearing about its positive benefits.
Winning passage of the Family Home Protection and Fairness in Property Tax Initiative is more important than ever, helping C.A.R. members, our clients, and the housing market!
Why? The Family Home Protection and Fairness in Property Tax Initiative spurs California REALTOR® and housing economic recovery.
Generates 67,000 to 150,000 New Transactions Annually Over the Next Decades: This initiative will conservatively generate 67,000 to 75,000 new transactions annually in the first few years – generating up to 150,000 new transactions annually over the next two decades.
Strengthens and Expands Prop 13: The initiative strengthens and expands Prop 13 tax savings so that seniors, people with severe disabilities and victims of natural disaster/wildfire can transfer their existing property tax base to replacement homes anywhere in California up to three times, regardless of the purchase price of the replacement home.
Protects and Preserves Family Transfers: This initiative protects family transfers as intended under the law, safeguarding family homes against attacks and elimination, preserving this right in the California State Constitution.
Generates New Revenue for Local Municipalities and School Districts: Without a tax increase, it generates revenue for local governments by closing loopholes. It doesn’t trigger any kind of immediate tax increase on property owners but simply defines future events that may trigger future limited reassessment.