In an effort to give real estate industry professionals power over their own destiny, C.A.R. voted at its fall meetings to fund a ballot initiative that will allow homeowners age 55 and older to transfer their property tax basis to any home in the state, to purchase any price home, and to transfer their basis as many times as they wish.
To fund the initiative, C.A.R. directors voted to assess members $100 in the next dues billing, which goes out in December.
“We must reverse the decline in California’s homeownership rate,” said a C.A.R. statement, emphasizing that real estate professionals can show their strength by banding together as a voting block, at a time when tax and rule proposals threaten to diminish the industry. The assessment is mandatory for all C.A.R. members and will appear in the next dues billing for 2018.
According to the Legislative Analyst’s Office, almost 43,000 additional transactions will occur annually if the initiative passes. The cost for signature gathering is $3 million, and the subsequent campaign will range between $30 million and, if the initiative is heavily contested, perhaps upward of $50 million.