Backers of a statewide initiative aimed at expanding Prop. 13 for senior homeowners have submitted almost a million signatures to election officials, more than enough to qualify the measure for next November’s ballot, the California Association of Realtors, the initiative’s principal backer, has announced.

If approved, the Prop. 13 “portability” measure would allow homeowners who are 55 or older to take their low property tax base with them after selling their home and buying a new home anywhere in the state. There would be no limit on how many times they can use the provision and no limit on home prices (although buying a more expensive home would result in a slightly higher “blended” tax assessment).

Read More: https://www.ocregister.com/2018/04/13/signatures-filed-for-initiative-to-strike-prop-13-moving-penalty-for-seniors/