The Nevada County Association of REALTORS® continues with their effort to bring “property tax portability” to Nevada County by working with the State Association on a statewide ballot initiative and obtaining the necessary signatures from registered voters.
For months, the Nevada County Association of REALTORS® has been gathering support for a program that would allow seniors the ability to downsize without taking a hit on their property taxes, while freeing up larger housing for young families. Taking advantage of Proposition 90 – which was passed overwhelmingly by California voters over 30 years ago – counties can currently adopt Pop. 90 and enter into contracts which allow seniors to take their lower, stable property tax base with them when they move. Locally, the effort was scheduled to go before the Board of Supervisors in early December.
In October, the California Association of REALTORS (C.A.R.) voted overwhelmingly to quality an initiative for the November 2018 ballot which will give any California senior the ability to take – not just Nevada County.
It’s 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 would allow senior homeowners to transfer their property tax base from their current to a replacement residence located anywhere in California. If appoved by voters, the measure will let thousands of seniors currently “locked into” their homes by low property tax rates purchase a home that will better suit their needs, while expanding the housing inventory for young families seeking to buy a home. According to the California Legislative Analyst’s Office, tens of thousands of additional homeownership opportunities will occur annually.
To quality for the ballot, the effort must gather more than 500,000 signatures from registered voters year end. To support placing the measure on the ballot, visit the Association of REALTORS® located at 336 Crown Point Circle in Grass Valley or visit any local REALTOR® to pick up a petition or add your own signature to their petition. For more information, call (530) 272-2627.