Some attorneys have broken down and are reporting on the new proposed bills
and extended moratorium.
Sunday, June 14, 2020
Thursday, June 4, 2020
New Property Tax Assessment Initiative to Appear on November 3, 2020 Ballot
The California Association of Realtors initiated a constitutional amendment that has obtained the necessary signatures and is to appear on the ballot for November 3, 2020.
Link to new bill: Property Tax Assessment Bill
The proposed law would allow eligible homeowners to transfer their tax assessments anywhere within the State of California. The law would increase the number of times a tax assessment can be transferred from one to three. The law would allow tax assessments to be transferred to a more expensive home with an upward adjustment.
The proposed law would address reassessments for inherited properties and changes in ownership of business properties. In California, parents or grandparents can transfer their properties to their children or grandchildren without the property's tax assessment resetting to market value, which would happen upon sale to someone else.
For properties that are not the parent’s main residence: vacation homes, business properties, rental properties, the first $1 million of taxable value is to be exempt from re-assessment. The proposed initiative would require that properties not used as main residences be reassessed at market value when inherited and exclude the first one million exemption. The residential property reassessment exemption would change so that the first million would not be reassessed while the remaining value would be reassessed.
Wednesday, June 3, 2020
City of San Diego Encouraging Higher Density Apartment Developments, 12-Story Towers
The San Diego Reader has an interesting article about the City of San Diego's lastest efforts to encourage higher-density apartments and add to the inventory of affordable apartment units.
Link to article: City of San Diego Promoting Higher Density Apartments
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