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California Tax Initiative on November 2018 Ballot

California has one property tax initiative on the November ballot.

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.

A YES vote on this measure means: All homeowners who are over 55 (or who meet other qualifications) would be eligible for property tax savings when they move to a different home.

A NO vote on this measure means: Certain homeowners who are over 55 (or who meet other qualifications) would continue to be eligible for property tax savings when they move to a different home.

voterguide.sos.ca.gov/propositions/5/

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Richard Pon CPA, CFP