With housing inventories at a historic low, real estate leaders are proposing a scheme to amend Proposition 13 to give homeowners a tax break when they sell and thus generate more supply and reduce pressure on prices.
The change would apply to the 1978 tax-reduction measure and appear on the November 2018 if the Legislature agrees or via a ballot initiative that the California Association of Realtors is considering.
According to the Realtor’s scheme, long-time homeowners could cash in on lower property taxes when they move up or downsize. State and local governments also could benefit if there is more turnover that boosts overall tax collection.
Seriously….that’s what the Realtors think will happen.
The idea was one of many steps discussed at a Thursday news conference, called by the San Diego Regional Chamber of Commerce and the Greater San Diego Association of Realtors. The event was pegged to a new study by both organizations that shows San Diego County’s local governments are approving only half the homes needed to keep up with population and job growth.
In reality, Realtors want to churn the market so they can make more money. To them, home buyers and sellers are merely sheep to be lead to the slaughter. To think any real estate “professionals” care about homeowners or home buyers is laughable.
Source: San Diego Union-Tribune