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 when they can’t manage the budget we have?

Remember: HIGHER PROPERTY TAXES IMPACT EVERYONE, homeowners and renters alike. Increased taxes on commercial spaces mean higher rent and higher prices on everyday goods.

I encourage you to do your own research. If you want more info on this or other upcoming measures that impact real estate, I’m happy to share what I’ve found!

Stay tuned for more updates on how these ballot measures could affect us all! 🏡 If you have any questions, please don't hesitate to reach out to me direct and please get out and Vote!!