REALTORS® Gathering Signatures for Tax Portability Initiative

C.A.R. ALERT – December 4, 2017

Last week, you should have received in your mail a petition from C.A.R. for signatures for C.A.R.’s exciting tax portability initiative. Your help is essential in this movement. 

Pasadena-Foothills Association of REALTORS® and the California Association of REALTORS® are embarking on an historic effort to increase homeownership opportunities, one that we know REALTORS® can feel good about supporting.

C.A.R. is going to qualify an initiative for the November 2018 ballot which will allow senior homeowners (55 years of age and older) to keep all or most of their Proposition 13 property tax savings when they move. Every REALTOR®, Affiliate, their clients, and families are urged to sign the petition.

Why does this matter?

This is important because seniors, who are often on a fixed income, fear they will not be able to afford a big property tax increase if they sell their existing home and buy another one, discouraging them from ever moving. As a result of this “moving penalty” almost three-quarters of homeowners 55 and older haven’t moved since 2000.

C.A.R.’s portability initiative will allow senior homeowners to transfer their property tax base from their current residence to a replacement residence located anywhere in California.

What will the Tax Portability Initiative do?

The measure, if approved by voters, will let thousands of seniors, currently “locked into” their homes by low property tax rates purchase a home that will better suit their needs freeing up housing inventory for young families seeking to buy a home. 

According to the California Legislative Analyst’s Office, tens of thousands additional homeownership opportunities will occur annually.

***Please note the following Signature Requirements***

Photocopying of the petitions is prohibited.

Please do NOT photocopy the petitions. In order for the signatures on a petition to be valid, the entire 16-page petition must be submitted INTACT. You cannot appear to have separate pieces or it will raise concerns and therefore have the signatures contained in them to be invalidated. If you need additional petitions, please contact your field representative or Matt Bunch at matthewb@car.org.

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If you have any questions about the initiative, please contact C.A.R. at portability@car.org or call (916) 492-5200.

Additional News

Portability Update

Assessment Update

***Copy and details provided by C.A.R.