{"id":6742,"date":"2017-10-23T16:33:20","date_gmt":"2017-10-23T16:33:20","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/california-realtors-face-assessment-to-fund-ballot-initiative\/"},"modified":"2017-10-23T16:33:20","modified_gmt":"2017-10-23T16:33:20","slug":"california-realtors-face-assessment-to-fund-ballot-initiative","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/california-realtors-face-assessment-to-fund-ballot-initiative\/","title":{"rendered":"California REALTORS\u00ae Face Assessment To Fund Ballot Initiative"},"content":{"rendered":"

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Recently the directors of the California Association of REALTORS<\/a>\u00ae<\/sup> (CAR) voted to place a $100 assessment on each of the association’s approximately 180,000 members. This vote took place at the director’s annual fall meetings, held this year in San Diego, October 11 — 14. The purpose of the assessment is to help fund a CAR-sponsored ballot initiative to be placed on the November, 2018 California ballot.
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The initiative, if passed, would allow “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.”
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To appreciate the significance of this, it is necessary to have some idea of California’s property tax system. Property tax valuations are based on purchase price. You buy a house<\/a> for $700,000, the assessor will value it at $700,000. After that, increases in property tax value are severely limited by formula. A home that was purchased for $500,000 five years ago could still be valued, for tax purposes, in the $500,000 range, even if its actual market value had increased to $700,000.
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If you have lived in the same home for 15 — 20 years or more, you are probably enjoying relatively low property taxes because they are based on your low tax valuation. When contemplating a move, one of the things you have to think about is what your new property taxes might be, as they will be based on the purchase price of your new home. The effect of this has been to discourage people from moving down, e.g. from the 4-bedroom family home to a new 2-bedroom in a senior community, because the latter might result in significantly higher property taxes.
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Californians sought to solve this problem in 1986 with the passage of Proposition 60. It allowed seniors to keep their property tax base assessment when they moved within the same county. However, in 1988, Proposition 90 was passed which allowed each individual county the option<\/i> of participating in this tax base transfer by seniors who move from one county to another. This had great significance, because many retirees move to a different county (e.g. in the mountains, or desert) than the ones in which they had lived.
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Only eleven of California’s 58 counties will allow a senior from another county to transfer his or her old property tax base to a newly-acquired home in that county.
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California’s housing<\/a> market is currently hampered by a lack of inventory. One of the causes is said to be the “log jam” created by the situation outlined above. It is claimed that large numbers of seniors are reluctant to sell their long-time family home, because they don’t want to incur the higher property taxes that will come with the purchase of a replacement home. The ballot proposition sought by CAR is intended to fix that. According to the Legislative Analyst’s Office, “almost 43,000 additional transactions will occur annually.”
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Could a $100-per-member assessment result in such a beneficial effect? Hardly. That money just gets things started. According to background material supplied to the CAR directors, the assessment would only provide part of the funds needed. “The cost to circulate the initiative for signature gathering is $3 million, with the cost of the subsequent campaign ranging between $30 million and perhaps upward of $50 million, if the initiative is heavily contested. Funding<\/a> would come from C.A.R. political action committees, reserves, NAR funds and a C.A.R. member assessment [i.e. the one now being discussed].”
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Strong opposition to the ballot is expected. It would not be surprising if a supplementary assessment became necessary. And, of course, no matter how much funding is achieved, the voters could always reject it.
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Bob Hunt is a director of the California Association of Realtors\u00ae<\/sup>. He is the author of Real Estate<\/a> the Ethical Way<\/i>. His email address is This email address is being protected from spambots. You need JavaScript enabled to view it.<\/span>.\n\t\t<\/p>\n<\/div>\n

Realtytimes <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Recently the directors of the California Association of REALTORS\u00ae (CAR) voted to place a $100 assessment … California REALTORS\u00ae Face Assessment To Fund Ballot Initiative<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6743,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[981,695,1403,15239,12908,543,617,344,258,41,818,479,693,219,1262],"class_list":["post-6742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-a-house","tag-agent","tag-buy","tag-chase","tag-home","tag-home-buying-guide","tag-house","tag-housing","tag-new-home","tag-property","tag-real","tag-realtor","tag-realtors","tag-realty","tag-taxes"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/6236ebe529400669c528a269bd60b74c_S.jpg?fit=424%2C283&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":8042,"url":"https:\/\/amazingproperty.com.ng\/blog\/portability-initiative-is-designed-to-help-55-and-over-to-sell-their-homes-and-buy-another\/","url_meta":{"origin":6742,"position":0},"title":"Portability Initiative Is Designed To Help 55 and Over To Sell Their Homes And Buy Another","author":"Amazing Property","date":"February 5, 2018","format":false,"excerpt":"The California Association of REALTORS\u00ae (CAR) is attempting to qualify a ballot initiative, The Property Tax Fairness Initiative, that will restructure the way property taxes are calculated for buyers over the age of 55 (and also the disabled and\/or natural disaster victims). In many cases REALTORS\u00ae are already circulating petitions\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"73f7217cc9898350cdbc7e0c29163615 S.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/73f7217cc9898350cdbc7e0c29163615_S.jpg?fit=424%2C282&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6904,"url":"https:\/\/amazingproperty.com.ng\/blog\/a-plan-to-build-on-realtor-party-successes\/","url_meta":{"origin":6742,"position":1},"title":"A Plan to Build on REALTOR\u00ae Party Successes","author":"Amazing Property","date":"November 2, 2017","format":false,"excerpt":"NAR CEO Bob Goldberg and 2017 President-Elect Elizabeth Mendenhall reiterated during NAR 360 that now is the time to expand the REALTOR\u00ae Party\u2019s impact on state and local advocacy for real estate issues. Earlier this year, REALTORS\u00ae in Ohio helped defeat a proposal that would have included real estate commissions\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"11 3 17 Pag.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/11_3_17_PAG.jpg?fit=400%2C266&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4462,"url":"https:\/\/amazingproperty.com.ng\/blog\/realtors-showcase-political-influence\/","url_meta":{"origin":6742,"position":2},"title":"REALTORS\u00ae Showcase Political Influence","author":"Amazing Property","date":"May 5, 2017","format":false,"excerpt":"The National Association of REALTORS\u00ae has embarked on a multiweek effort to promote and celebrate the role REALTORS\u00ae play in politics and public policy development across the United States. REALTOR\u00ae Advocacy Month, which launched last Thursday and continues until May 27, is divided into three themed weeks, each built around\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6638,"url":"https:\/\/amazingproperty.com.ng\/blog\/real-estate-cyberfraud-continues-is-it-time-to-return-to-paper\/","url_meta":{"origin":6742,"position":3},"title":"Real Estate Cyberfraud Continues. Is It Time To Return To Paper?","author":"Amazing Property","date":"October 16, 2017","format":false,"excerpt":"Cybercrime continues to thrive in the real estate brokerage environment. By this, I don't mean the kind of electronic skullduggery that results in stolen identity information or hacking into someone's bank account. Rather, I refer to the business of fraudulently inducing a principal -- sometimes even an escrow officer --\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"6210d3182e98624d9342d3bc5c4e0f79 S.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/6210d3182e98624d9342d3bc5c4e0f79_S.jpg?fit=424%2C282&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4845,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-happens-to-the-listing-when-the-agent-changes-offices\/","url_meta":{"origin":6742,"position":4},"title":"What Happens To The Listing When The Agent Changes Offices?","author":"Amazing Property","date":"June 5, 2017","format":false,"excerpt":"Recently, the legal department of the California Association of Realtors produced a question-and-answer (Q&A) format memo that addresses a variety of issues that arise when agents leave one office for another at a time when they (the agent) may currently be involved with a listing or sales transaction. 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