Proposed initiative to increase homeowners’ real property tax exemption enters circulation
Secretary of State Dr. Shirley N. Weber announced the proponent of a new initiative was cleared to begin collecting petition signatures Tuesday, Nov. 30, 2021.
The attorney general prepares the legal title and summary that is required to appear on initiative petitions. When the official language is complete, the attorney general forwards it to the proponent and to the secretary of state, and the initiative may be circulated for signatures. The secretary of state then provides a calendar of deadlines to the proponent and to county elections officials. The attorney general’s official title and summary for the measure is as follows:
INCREASES HOMEOWNERS’ REAL PROPERTY TAX EXEMPTION AND PROVIDES SUPPLEMENTAL RENTERS’ TAX CREDIT. INCREASES TAXES ON HIGH-VALUE PROPERTIES. LIMITS LOCAL RESTRICTIONS ON HOUSING DEVELOPMENT. INITIATIVE CONSTITUTIONAL AMENDMENT AND STATUTE.
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 percent on properties valued over $4 million. Limits local government discretion to deny certain proposed housing development projects. Summary of estimate by legislative analyst and director of finance of fiscal impact on state and local governments:
- 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. (21-0023)
The secretary of state’s tracking number for this measure is 1917 and the attorney general’s tracking number is 21-0023.
The proponent of the measure, Stanley R. Apps, must collect signatures of 997,139 registered voters (8 percent of the total votes cast for governor in the November 2018 general election) in order for the measure to become eligible for the ballot. The proponent has 180 days to circulate petitions for the measure, meaning the signatures must be submitted to county elections officials no later than May 31, 2022.
The address for the proponents is c/o George M. Yin, Kaufman Legal Group, 777 S. Figueroa Street, Suite 4050, Los Angeles, CA 90017. The proponent can be reached at (213) 452-6565 or at [email protected]
