Calif. Realtors want to change tax laws
By Jim Miller, Sacramento Bee
California homeowners looking to move up would get a major financial break under a possible 2018 ballot measure to change a key provision of the state’s landmark tax law.
Proposition 13, the 1978 ballot measure, has discouraged homeowners from moving to pricier homes because a property’s assessed value is based on its most recent sales price.
Any of the three proposals crafted by the California Association of Realtors would be a significant change to Proposition 13, which caps property taxes at 1 percent of assessed value.