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.
YES 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.
NO 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.
PRO Prop. 5 eliminates the "moving penalty" that currently hurts SENIORS (55+) and SEVERELY DISABLED Californians. YES means SENIORS and SEVERELY DISABLED can purchase a new primary residence and not face this property tax penalty. YES allows SENIORS/ SEVERELY DISABLED to move near family or purchase more practical, safer homes.
CON Prop. 5 doesn't build any new housing or help first-time homebuyers purchase homes. It will cut up to $1 billion in local revenue from public schools, fire, police, health care and other services for tax breaks for wealthy Californians and to help its authors—corporate real estate interests. NoProp5.com