There are plenty of property tax protections already in place for senior homeowners who truly want to downsize. Because of a similar proposition passed decades ago, homeowners age 55 and up can buy a new home of equal or lesser value to their current property anywhere in their own county and retain their Prop. 13 property tax savings. Prop. 5 would allow senior homeowners to buy more expensive homes anywhere in California and still get a large tax break.
If you want the supply of homes to potentially open up lawmakers need to incentivize owners to sell. Why argue about the favortism? Owners always had the upper hand…
Capital gains tax is the real issue. Most won’t move because of huge capital gains taxes.
Ok, Gang, remember to vote NO of course on Prop 10 and YES on Prop 5!!! Let’s be honest, if you are an owner you want the ability at age 55 and above to move anywhere in CA and keep your property tax basis. Why should it be only once and only certain counties?
Does @sheriff for or against Prop 5?
I’m undecided on Prop 5, will throw a coin and let the coin vote for me
tell me on how to vote for the other propositions!
No On Prop 10!
Gas repeal Yes
Hey, no coin flipping… it is a def YES on Prop 5!!! You scratch my back, I scratch yours… that’s how good business is done…
If enough people vote No on Prop 10, I can do a trade
NOOOO!!! YES ON 5, no deals!!!
How about this? If Jeccica Ho is elected to the board of supervisors, can you meet her to request that high income tenant will be exempt of rent control?
Do you even live in District 4 of the Fab 7x7? In this weekend’s paper, there was a story on all 8 candidates for District 4. Is Jessica Ho the de facto one for owners only? I am intrigued with Art Tom or one of the other candidates (male)…
Only choose from the top two. Others are just wasted vote
I threw it. Vote yes.
I think it makes sense to let people move to a higher cost house. Just opens up more affordable housing for newbies.
Capital gains taxes will discourage many from moving
250k/500k exclusion helps, no??? Come on, unlike you, most retirees’ income level or tax bracket should be pretty low, no?
Average BA home is worth $1m. For long term owners capital gains tax is way more than the savings of prop 5.
But if you are like me w/o children, doesn’t it make sense to maybe change your environments while you can (see other parts of Cali) before divesting to live out your last days with cash money to burn???
I did it. You can avoid the tax by making your primary a rental and using a 1031 exchange.
Yeah, same here, but we are talking about primary homes now…