❉ C.A.R. Takes the Initiative to Create More Inventory
- November 10th, 2017
- Posted by Michael McFann
The California Association of REALTORS® is taking proactive measures to increase homeownership opportunities throughout the state by placing a measure on the November 2018 ballot to remove restrictions on seniors (55 years of age) who wish to sell their homes and transfer their current property tax base to their new property.
The Property Tax Portability Initiative would allow seniors to transfer their property tax base from their current primary residence to a new primary residence anywhere in California. If California voters approve the measure, thousands of seniors, currently tied to their homes by low property tax rates will have the opportunity to move which will expand the housing inventory. According to the California Legislative Analyst’s Office, more than 40,000 additional real estate transactions will occur annually.
To support this effort and qualify this measure for the November 2018 ballot and to educate California voters, C.A.R.’s Board of Directors approved a $100 increase to the Issues Fund Assessment for 2018. All Bay East members will be required to pay this assessment. Members who have already paid their 2017-2018 REALTOR® dues in full will receive a separate invoice for mid-November which will be due by December 16, 2017. Bay East members on the installment plan or on automatic payment will have the increase included in their December installment.
For more information, please contact David Stark, Bay East Public Affairs Director at firstname.lastname@example.org