Real Estate News – Proposition 13
LIMITS ON PROPERTY TAX ASSESSMENT.
SEISMIC RETROFITTING OF EXISTING BUILDINGS.
LEGISLATIVE CONSTITUTIONAL AMENDMENT.
Proposition 13 on 2010 California Ballot
The State constitution currently provides that assessments on property in California are not to exceed 1% of the value of the home. But what happens if you retrofit your home to meet current upgraded earthquake requirements? If you spend $20,000 doing so, should you property be revalued or reassessed to include that improvement?
Proposition 13 would amend the constitution so that a homeowner who retrofits for seismic or earthquake improvements will not be subject to a reassessment of the value of the property owners home.
Proposition 13 seems a good and sensible approach to making sure that homeowners will continue to improve and upgrade their homes so that they are as safe as they can be, while at the same time not increasing the state property tax on that home for those improvements.
Vote YES on Proposition
That’s my opinion, of course, as a homeowner, community member and real estate agent. You can read the full text of Proposition 13 here.
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May 25, 2010 at 4:44 pm, Al Lorenz said:
Don,
I must respectfully disagree with the whole proposition 13 approach. It simply shifts the tax burden onto new property owners. The real problem is government spending is way too high. Cut that back, and taxes can be low and reasonable for everyone. With Cali’s spending addiction, supporting proposition 13 is supporting rotarian socialism where each tries to get the most services while shifting the most tax burden to someone else. Just my humble $.02
May 25, 2010 at 7:23 pm, Don said:
Al, you’re right, of course. BUT this year’s “Proposition 13″ isn’t the classic Prop 13 we’re used to. It just so happens that this proposition amends the original Prop 13 to make sure that value isn’t added by the counties just because of a seismic improvement.
With regard to the totality of the Jarvis Prop 13…..you hit the bulls-eye!