For many years a few sellers have been able to take their old tax base to three or four counties within the state from Santa Barbara County, but no one could bring their old tax base into the county.
We, the Realtors of the State of California, have been gathering signatures to allow “PORTABLE TAX BASES” as an initiative to be placed on the ballot so we can vote on it. Unless something dramatic occurs, it looks like we have enough signatures to place the Tax Portability Initiative on the November ballot.
That initiative would allow anyone in California to move their old tax base to a new county, thus broadening the number of folks who can move within the state and not get a huge tax bill for doing so.
This should help in situations where only one person is left in a large family home and the home no longer suits their needs. Once the portable property tax bill passes it should free up inventory of larger family homes to be utilized by growing families in our area once again. Having people in homes that suit their needs will be revitalizing to our neighborhoods and for the whole area.
Don’t forget to vote!