Another feature of Proposition 13 that is popular with Californians is the fact that all state taxes – and that includes real estate taxes of course – must be approved by a majority of two-thirds (2/3) of the state legislature; and that any new “unpleasant surprises”, in other words, any proposed new taxes, even under stealth, imposed by any local city or town government, also must be approved by a confirmed vote of two-thirds (2/3). More reasons that CA Proposition 13 popularity outweighs critics, regardless of how loud and aggressive they may be.
Naturally this type of necessary regulation, reigning in local tax-happy politicians, is obviously not going to be terribly popular with folks working in local township and city government. Just as avoiding property tax reassessment and home owners “keeping a family home in the family” is not going to please most realtors looking to place more homes on the California real estate market!
CA Proposition 13 popularity outweighs critics on all popular topics, hands down. Whether it’s reigning in local representatives, at least where new taxes are concerned… or being able to avoid property tax reassessment, to keep parents property taxes intact… Just so long as those particular realtors can drive their revenue numbers up, and those brokers can ramp up their commissions – that’s what’s important. Not the will of the public. And it looks like this conflict of interests goes all the way back to June 6, 1978; back to the beginning of this initiative.
|Click Here: to take a look at how all this started, and developed through the years; and how the will of 2/3 of California voters got some control over how their homes would be taxed & not taxed!|
Realtors and real estate brokers are especially not partial to Proposition 13, or Proposition 58 involving parent to child exclusion, parent to child property transfer, any type of ability to transfer parents property taxes or parent to child transfer involving a trust loan – given the slightly shrinking numbers of homes on the market to sell.
These real estate sales folks would of course prefer that all those homes remaining in the family were not so and were instead in their hands on the market for sale, and of course this involves families that have resided in the same home for decades; naturally taking advantage of Proposition 13 tax relief, and Proposition 58 property tax transfer benefits, loans to irrevocable trusts or, to put it simply, a trust loan from a trust lender familiar with loans to trusts… Naturally these realtors would prefer those homes were signed to their office, and were available to buy and sell; need we remind ourselves – at nicely inflated prices!
Naturally, local government entities with certain special interests (such as a tunnel-vision view of the CA school system), and especially motivated real estate sales professionals, are not going to be overjoyed with California home owners’ hanging on to particularly nice properties, with the ability to avoid property tax reassessment on a parent to child transfer (referred to as parent to child exclusion). Moreover, Californians also enjoy some very personal, family oriented benefits from Prop 13 and Proposition 58… Click here for more discussion on these personal dividends…
Of course, to be fair, we have to ask: Is Proposition 13 & 58 in demand with all age ranges and incomes, despite critics? The polling data speaks for itself, and the answer is decidedly yes – CA Proposition 13 popularity outweighs critics with all demographic and income segments.
Without a doubt, 65% to 70% of the people residing in California enthusiastically want to keep parents’ property taxes, they want to continue to avoid property tax reassessment, and without question want to be able to transfer parents’ property taxes when facing the prospect of inheriting property taxes – anywhere in southern, northern or central California. This is a given. Or as they say in New York, “a no-brainer!”