There are too many homeowners that currently benefit from Prop 13 to even think about an initiative to re-assess home and commercial property every twenty-five years. #1 A better and current approach would be to allow seniors over 65 to move anywhere in California without paying increased property taxes, as long as they are moving to a less expensive residence. #2 Prop 13 protections should be gradually removed from commercial and industrial property, increasing funding for schools and stopping the property tax burden from shifting to residences. #3 Capital gains should be eliminated for sale of a home by seniors over 65, to be replaced by a current taxpayer to stimulate tax rolls. This would free-up millions, possibly billions of capital for seniors that may have taken a hit in their retirement resources.
Regards,
James Hall
