Proposition 5

Portable Property Tax Base for Certain Property Owners

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Would remove certain property tax transfer requirements (see In Depth tab below for list of requirements) for homeowners over 55, severely disabled homeowners, and contaminated or disaster-destroyed property so as to reduce these homeowners' property taxes if they move. Proposition 5 is an initiative constitutional amendment and statute.

Fiscal Impact: Schools and local governments each would lose over $100 million in annual property taxes early on, growing to about $1 billion per year. Would also result in a similar increase in state costs to backfill school property tax losses.

Semi-official results:

Yes: 1,739,425 (42.5%)

No: 2,354,400 (57.5%)

Details

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