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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