News: Proposition 13

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Since its adoption, Proposition 13 has brought certainty to property owners and businesses in the state.  Any changes to this measure would certainly lead to higher taxes for businesses and higher prices for consumers.  A current proposal would change this certainty. While the proposal would not directly affect residential properties such as apartments or single-family rental housing, dismantling 1978’s Prop 13 creates a dangerous precedent.

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Voters on Tuesday rejected Proposition 5, a statewide ballot measure that would have allowed homeowners who are 55 or older or severely disabled to transfer tax assessments from a prior home to a new home. With 95.7 percent of precincts reporting, 41.9 percent of the votes cast on Proposition 5 were to approve the measure, while 58.1 percent were cast to reject it.

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The California Apartment Association’s Board of Directors has taken positions on four housing-related propositions on the Nov. 6 statewide ballot.

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Preliminary paperwork was filed today for a proposed ballot initiative that takes aim at Proposition 13 and seeks a split roll, the Los Angeles Times reported.

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