The City of San Diego is in a housing crisis. The cost to purchase of home has increased dramatically in recent years, making it difficult for recent graduates, working families, and our seniors to afford to live in this great city.
Our elected leaders must work to address this issue.
The Proposition 13 Portability Initiative allow those aged 55 and over to sell their home and buy another, and retain some or all their Proposition 13 property tax savings.
Under Proposition 13, homeowners are protected from rapidly increasing property taxes. However, seniors, who are often on a fixed income, fear they will not be able to afford a big property tax increase if they sell their existing home and buy another one, discouraging them from ever moving. As a result of this “moving penalty,” almost three-quarters of homeowners 55 and older haven’t moved since 2000. The initiative will allow them to sell their home while keeping some property tax protections, and therefore create homeownership opportunities for young families.
Portability Initiative would allow homeowners 55 years of age or older to transfer some of their Proposition 13 property tax base to a home of any price, located anywhere in the state, any number of times.