By Ray Kutylo
Signal Contributing Writer
Among a lot of “No” votes on my ballot is my “Yes” vote on Proposition 5.
This measure will protect those 55 and older, the disabled, and victims of natural disaster from facing a “moving penalty” or property tax spike should they need to relocate.
That, in turn, will help boost the housing inventory in existing neighborhoods as homeowners move out of single family homes that no longer meet their needs and will free up housing for the next generation.
Many baby boomers want to downsize or move to a community that is closer to their children or grandchildren, but if they do they may face enormous property tax increases of 100 percent – 300 percent.
The same dilemma faces severely disabled people who may live in homes that are no longer safe or practical for them, and likewise for victims of natural disaster, such as those who lost their homes to wildfires if they wish to relocate rather than rebuild. For each of these groups of homeowners, the current moving penalty is neither fair nor justified.
Prop 5 provides appropriate relief by allowing those eligible the ability to transfer their current property tax base to the purchase of another home in any of California’s 58 counties.
The new property tax for an individual would be based on his or her original home’s assessment, in addition to an adjustment consisting of the difference in value between the sale price of the original home and the sale price of the new home. The formula of Prop 5 ensures that these vulnerable homeowners will still pay their fair share of property taxes but shields them from an enormous increase in their bills.
There are other solid arguments in favor of a yes on Prop 5 vote, but I am out of room.
Vote ‘No’ on Prop. 10
This proposition, if passed, would radically disrupt if not destroy the housing and rental market.
California socialists and too many useful idiots will vote yes, so your NO vote is needed. Stop the madness. Protect home ownership and property rights.
Please visit my Facebook page, Ray The Realtor®, for additional commentary on this and other election recommendations.
Ray the Realtor® Kutylo has been a licensed Realtor since 1986, and he’s also a member of the SCV Home Team at Keller Williams VIP Properties. You can reach Ray the Realtor at 661-312-9461 or Ray@SCVhometeam.com
CA DRE# 00918855