Proposition 15 19 21 Commentary
It’s Halloween & There’s a Full Moon Tonight AND Daylight LOSING Time starts tonight as well- So remember to FALL FORWARD!!!
The Election is coming this week on Nov 3rd and there’s a TON of stuff on the ballot. Here are 3 Propositions that are going to affect REAL ESTATE- Proposition 15 19 21 Commentary coming right up. There’s a TON to these things & this is just a drive by!
Watch the video!
For those who know me, you know I don’t like to talk politics. Yet I care for my clients & feel the need to give you an overview at least on these Real Estate issues.
Here’s a super quick summary but PLEASE don’t take my word for it… do your homework & study this stuff… it has a lasting effect!
See Summaries Here: https://southbayfineproperties.com/proposition-15-19-21-at-a-glance/
Download Here: https://bit.ly/Prop151921AtaGlance
Proposition 15: Commercial Property Tax Assessment for Schools/Local Gov’t
This will split Proposition 13 passed back in 1978. Proposition 15 attempts to revise Prop 13 assessment protection for certain types of commercial property & raise taxes on those properties and that new money would be allocated towards funding schools and local government budgets.
It will affect
* Commercial Property
* Industrial Property
These property types would lose their assessment protections under Proposition 13 and be reassessed once every three years.
What types of property would be exempt?
* Any commercial or industrial property worth less than $3 million
* Single-family homes, condos, and town homes
* Multi-family apartment buildings
Just know… that Sacramento is coming after Prop 13 & they want to get rid of it to fund all their crazy laws and programs. If this passes… it’s likely that the Residential assessment protections from Prop 13 will be next & your retired parents and grandparents may not be able to afford living in their homes anymore.
See the summaries of these above put out by the Title Companies.
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South Bay Real Estate Update Proposition 15 19 21 Commentary
Proposition 19 Part 1: Tax Portability
This law allows for certain individuals to transfer their property tax basis anywhere in California at any price. Additionally, the transfer of the property tax basis could be done up to three times.
* Homeowners over 55 years old
* Homeowners with severe disabilities
* Victims of a natural disaster (this would only be allowed once)
Part 2: Intergenerational Tax Transfer Reform
Watch my video for the rest. Too much to write here!
There’s more to this one, so if it affects you, please look into this further!
Again…PLEASE don’t take my word for it… do your homework & study this stuff… it has a lasting effect!
Proposition 21: Local Rent Control Initiative
This proposition would replace the Costa Hawkins Act that – passed in 1995.
Costa Hawkins limits the power of local governments to enact rent-control polices. It specifically protects property from local rent control regulation on buildings constructed after February 1, 1995, as well as condos, town homes, and single-family homes. Costa Hawkins allows landlords to charge market rate when a tenant vacates a unit.
What would Prop 21 change?
* Local governments would have the power to enact rent control beyond the newly passed state rent control law known as the “Tenant Protection Act of 2019.”
* Single-family residences, condos, and town homes could be subject to rent control.
* Vacancy control could be enacted, where landlords would not be able to raise rent to market rates on vacant units.
The long and the short of this proposition is you either:
* Support further rent control restrictions, or * Oppose further rent control restrictions
The rest… you’re on your own!
and again… PLEASE don’t take my word for it… do your homework & study this stuff… it has a lasting effect!
However you feel about these things …and there’s a TON of things on this ballot….Please read and study and ask questions before you vote!
Stay safe out there & if you’re using a portable voting box for your mail in vote, make sure it’s legit!
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Daryl Palmer Real Real Estatetist
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