Update

Earlier this year, C.A.R. began the historic effort to address California's unprecedented housing supply crisis as well as to increase homeownership opportunities for Californians by gathering nearly 1 million signatures—enough to qualify the Property Tax Fairness Initiative for the November 2018 General Election Ballot.

The initiative would eliminate the "moving penalty" for seniors 55 and older, the disabled, and victims of natural disasters, allowing them to carry their current Proposition 13-protected property tax assessment level to another home of any price, anywhere in the state, any number of times.

Yesterday a group of decision makers, including C.A.R.'s Executive Committee, Regional Chairs, Committee Liaisons, and Key Committee members provided input to the Leadership Team, which decided to keep the current initiative on the November 2018 ballot and file a revised initiative with the Attorney General for preparation of title and summary for the November 2020 ballot.

This option will allow C.A.R. to pursue its objective on several fronts. C.A.R. Governmental Affairs staff met with the Attorney General's Office and the Legislative Analyst's Office to get revisions to the title and summary, as well as to the fiscal analysis, that will appear in this November's General Election Voters Pamphlet; these will be released on July 24. And, while the current deadline for removing initiatives from the ballot is June 28, it is possible the legislative alternative – with an exception to the deadline included – could be approved when the legislature returns from its summer break in August.

The November 2020 ballot initiative will move portability forward while at the same time generating revenue for schools and local governments by: 1) requiring reassessment in connection with inter-generational transfers where heirs keep property for investment purposes; and 2) tightening up the reassessment law to address corporate property transfers where "creative" efforts are used to avoid reassessment.

C.A.R.'s resolve on this issue is firm. C.A.R. is committed to winning at the ballot box this November, achieving a legislative alternative, or winning in November 2020. REALTOR® investment of time and resources as part of this grassroots effort will benefit clients, homeownership, and California.