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Prop 5 Expected Inventory Impact
Dated: 08/28/2018
Views: 2644
Proposition 5 qualified for the ballot this year with over 1 million signatures from registered voters. If this proposition passes it will enable homeowners who are 55+ to sell their existing home and move their current home tax basis to a new home with certain guidelines. As the tax law currently stands, homeowners who downsize and move to another home out of area but within the state California, and that county does not accept inbound Prop 60 or Prop 90, they will get hit with a step up in property taxes upon purchasing a new home. Often times the step up is so significant it discourages long time homeowners from making a move. However Prop 5 will allow them to move that tax basis to their new California home. If this proposition passes, it should have an impact for real estate with additional inventory coming to market and have a positive impact on the shortage of homes for sale in the state of California. Steve White provides much more detail and his full article on the impact of Prop 5 can be found at San Diego Tribune
or cut and paste: http://www.sandiegouniontribune.com/opinion/commentary/sd-utbg-prop5-calif-tax-transfer-20180815-story.html
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Proposition 5 qualified for the ballot this year with over 1 million signatures from registered voters. If this proposition passes it will enable homeowners who are 55+ to sell their existing
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