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News & Press: Industry News

CAR Files Ballot Measures to Extend Transfer of Base Year Values

Tuesday, August 15, 2017  
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Today, under certain circumstances, homeowners over the age of 55 can transfer the lower tax value of their home to a new home of equal or lesser value in counties that participate in the program.  Homeowners thereby get a lower assessment than would otherwise be the case. The California Association of Realtors has filed three alternative ballot initiatives with the Secretary of State to expand the program. CAR has not yet decided which of the three measures, if any, to try to place on the November 2018 ballot. 

One proposal would extend the tax breaks statewide. The others would extend it to younger homeowners who sell their homes and buy a new one.  The concept behind the measures is to allow any homeowner to transfer part of their existing property tax value to a home in another county when purchasing a new home. In theory, homeowners would be more willing to sell their homes and relocate if they could get some continuing benefit from their lower Proposition 13 assessment. The concept calls for a blended value so that the tax rate would increase but not to 100% of the value of the new home.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851