The ballot measure would:
increase the tax exemption for dwellings from $7,000 to $200,000,
provide an income tax credit for renters of up to $2,000,
establish a surcharge on residential properties valued at $4 million or more, and
make changes to local government reviews of certain housing developments
1917. (21-0023)
INCREASES HOMEOWNERS’ REAL PROPERTY TAX EXEMPTION AND PROVIDES SUPPLEMENTAL RENTERS’ TAX CREDIT. INCREASES TAXES ON HIGH-VALUE PROPERTIES. LIMITS LOCAL RESTRICTIONS ON HOUSING DEVELOPMENT
PAC
Not publicized
Signatures reached
(est. April 2022)
30000
Proponents
Stanley R. Apps
Topic
Property
Type
INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE
Circulation Deadline
05/31/22
Official Text
Petition Summary
Increases the portion of a homeowner’s property value that is exempt from property tax, from $7,000 currently to $200,000 (adjusted for inflation). Provides up to $2,000 supplemental income tax credit for renters (adjusted for inflation). Reimburses local governments’ lost revenue from these tax changes by enacting new property tax surcharge of up to 1.4% on properties valued over $4 million. Limits local government discretion to deny certain proposed housing development projects. :
Fiscal Impact
Increased property taxes on property with a taxable value of more than $4 million providing $16 billion to $20 billion in new revenue. Increased state costs resulting from the increases to the homeowners’ property tax exemption and renters’ tax credit. Increased costs to local governments for carrying out the measure. Total costs would be about $15 billion annually and likely would be fully offset by revenue from increased property taxes on higher value properties.
Regulation:
California Constitution. Revenue and Taxation Code. RTC. DIVISION 1. PROPERTY TAXATION [50 - 5911] PART 2. ASSESSMENT [201 - 1367]
CHAPTER 1. Taxation Base [201 - 286] ARTICLE 2. Procedure to Claim Exemptions [251 - 261]
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