3 Ballot Propositions to Change California's Property Tax Cap via California Realtors.

California Realtors want to change Proposition 13 from 1978- its the reason property is reassessed at sale only, and property taxes are capped at 1% of assessed value.

What are the proposals would change how property taxes are assessed and would apply in 3 different ways?

• Apply changes to all homeowners in California
• Apply changes to homeowners moving within their county of residence or to a county that allows intercounty assessed value transfers
• Apply to homeowners 55 or older moving anywhere in California

What are the economic incentives of reform?

• opens up th ehousing market
• frees up starter homes for first time home buyers

The potential impact to revenue:

• reduce revenues for cities, counties, special districts and schools anywhere from reduce revenue from a few hundred million dollars a year to several billion dollars a year
  Sacramento Bee | Own a home and looking to move? California Realtors want to get you a major tax break