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C.A.R. Sponsors 2018 Tax Portability Initiative
C.A.R. ALERT – October 25, 2017
The C.A.R. Board of Directors approved a motion to move forward with qualifying a statewide ballot measure which, if passed by the voters in November 2018, would allow homeowners age 55 and over to transfer their property tax basis from their current primary residence to a new primary residence anywhere in California, as many times as desired.
The new property tax basis would be determined by blending the current and new property valuation according to a formula, lowering the property tax for the new purchase.
The Board of Directors also authorized an Issues Action Fund increase to raise funds needed to get the initiative on the ballot, and to conduct a campaign to educate California voters about the benefits of this proposal.
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