Adobe Stock/Andy Dean

Forty-plus years ago, Californians passed Proposition 13, which reined in excessive property taxes but also made it tax advantageous for people to remain in their homes. Now, the voters are being asked to vote for a measure that could make the tax bite less caustic for senior citizens who would like to downsize or relocate. CNBC reports:

A proposed ballot initiative in California could encourage older homeowners with larger homes to downsize and move to other counties, freeing homes for younger families and potentially easing the state's chronic housing shortage.

The real estate industry is leading the charge to qualify the measure for the Nov. 6 election ballot and has already raised about $6.7 million for the effort. Monday is the deadline for proponents of the measure to turn in signatures to qualify the measure for the November ballot.

A state analysis of the proposed initiative, however, said the measure could end up costing local governments more than $2 billion annually in lost revenue and have a fiscal impact on the state itself.

The proposed voter measure would allow homeowners age 55 and older to sell their primary home in one county and move anywhere else in California without a significant property tax hit, assuming the new property is valued the same or less.

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