How does Prop 5 Impact Homeowners?
As we head into the November 5th election, we’re not just voting for a President and local Representatives. There are several important measures on the California ballot that directly impact homeowners, like Proposition 5! . At first glance, the wording seems harmless: 🙂 ALLOWS LOCAL BONDS FOR AFFORDABLE HOUSING AND PUBLIC INFRASTRUCTURE WITH 55% VOTER APPROVAL." But what does this really mean? 🤔 In plain terms, Prop 5 LOWERS THE THRESHOLD for raising taxes! Right now, it takes 67% of the vote to pass new bonds (which lead to higher property taxes). Prop 5 would reduce that to 55%. (Do we really want to give the legislature more control?) Translation: 🙃 it makes it easier for the government to RAISE YOUR TAXES by taking on more bond debt. This is also a DIRECT THREAT TO PROP 13, which caps property tax increases at 2% per year. California already has the HIGHEST TAXES IN THE NATION and a $58 billion deficit. Why give the state more opportunities to raise taxes...