The California Association of Realtors is currently gathering signatures to qualify a ballot measure for the November 2018 ballot. They are seeking to expand Prop 13 for homeowners by allowing "individuals 55 years of age and older to transfer their property tax basis to any home in the state, to purchase any price home, and to transfer their basis as many times as they wish”
Many homeowners purchased their homes years ago and as a result pay very low property taxes. When they sell and downsize, they have been able to keep their same property tax rate as long as they are over 55 years of age. This transfer only moves once with the owner. However this new measure would allow the owner to move the tax multiple times as long as it’s their primary home.
I will keep you posted as more news becomes available.
Crissi Avila will teach you how to buy smart. We’ll look at location, development, and turnover so you can spot opportunities long before most even start considering them.