SACRAMENTO – Assemblyman Marc Steinorth (R-Rancho Cucamonga) introduced legislation this week to reform property tax portability in California.
“Homeownership is the greatest investment anyone can make in their lifetime,” said Assemblyman Steinorth. “That is why I have introduced legislation that will reform the status quo of our current tax structure, which will provide greater flexibility and affordability for Californians to move. We will no longer trap our seniors in housing that is too big for them or our young families in small, starter homes.”
The passage of Proposition 60 allows seniors, defined as 55 or older, to transfer their property tax one time to a home of equal or lesser the sale price of the original home, and it must be located in the same county. Proposition 90 is an extension of Proposition 60, which allows seniors to transfer their property tax to a different county. These counties have to opt-in, and currently there are 11 participating.
“While the Legislature seeks to make the construction of new housing more affordable, we must also continue to preserve the opportunity for existing homeowners to make the best financial decisions with stable property taxes,” said Assemblyman Steinorth.
ACA 20 and its companion bill AB 1748 will expand the current status quo of property tax portability in four main ways, by allowing: state-wide transfers, unlimited transfers for homeowners over the age of 55, a one-time transfer for homeowners under 55, and implement a blended base to purchase more expensive homes to allow existing homeowners to keep up with the housing market.
Assemblyman Marc Steinorth (R-Rancho Cucamonga) represents the 40th Assembly District in the California Legislature, which includes the cities of Redlands, Highland, Loma Linda, and portions of San Bernardino and Rancho Cucamonga.
For more information, please contact Heather Rouhana at (909) 476-5023
