Election Season has come & gone. There were 2 significant housing propositions on this November’s Ballot.
Proposition 5 would allow homeowners who are over the age of 55 or are severely disabled to continue paying property taxes based on the assessed value of their current homes when they sell and then purchase a new residence. The same goes for residents in areas affected by natural disasters.
This proposition did not pass, getting only 42% of the vote. The existing law is still in place however, which states that for those over the age of 55, disabled, or who live in an area impacted by a natural disaster can already transfer their property tax payments with them when buying a new home. The caveat here is that home owners in this group can only do this once, and in most parts of the state, they’ll have to buy in the same county.
Prop 5 would have allowed those over 55 or severely disabledto move more than once & keep their old property taxes in place.
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Proposition 10 would have expanded local government authority to enact rent control on residential properties.
Approximately 64% of the state voted no on Prop 10. California’s rent prices are high, but voters have chosen to let property landloards determine the price of rent instead of putting rent in the hands of government.
Most homeowners who have rental investments were among those who voted No on Prop 10, ensuring that their investments remain profitable.
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