On to a final thing that Prop 19 would do. Now property taxes are a local government resource, but they still affect the state budget because of how we've set up some of our education funding.
So, the state stands to save some money if local governments are taking in more revenue. If Prop 19 passes, the state must create two new funds using those savings. One would be for wildfire protection and response — something we definitely need more funding for.
And the other would be to reimburse any counties that might end up losing money because of this measure. Olivia Allen-Price [] Joe, let's move on to who is supporting this prop. Who wants to see property tax transfers expanded? Joe Fitzgerald Rodriguez [] The list of supporters is as long as my arm, and its governor, Gavin Newsom, its Democratic clubs, it's the firefighters themselves they are coming out there in commercials for it. If anyone has goodwill in California right now, it's firefighters.
Joe Fitzgerald Rodriguez [] Supporters are arguing that, you know, this, this loophole, this inhereter loophole has long needed to be addressed and that it could be very helpful to have seniors downgrading their homes and buying smaller homes to putter around in in their elder years.
That, you know, this would actually help younger homebuyers who want to buy older stock that might be cheaper — especially useful during a housing crisis where we need to invigorate the purchasing of homes in California, but also that schools are going to benefit in a big way. Joe Fitzgerald Rodriguez [] Yeah, so the arguments against have been very limited and a little scattered. Like there's the Howard Jarvis [Taxpayers] Association is not for it. And then there's a few newspaper editorials against it, The Orange County Register , the San Jose Mercury News , their argument was basically, how dare you hurt inheritors who are one class of people that you shouldn't be knocking just to help another class of people.
Olivia Allen-Price [] The L. Times, whose editorial board leans more liberal, has also come out against it. Joe Fitzgerald Rodriguez [] The argument was that this exacerbates inequality and helps an already-helped group, which is seniors — who have already benefited greatly from Prop 13 — and hurting those who are in a generation who have not been able to buy homes.
Olivia Allen-Price [] They argue Prop 19 skews tax breaks further away from people who don't own a home or may be struggling to buy one. Joe Fitzgerald Rodriguez [] And a lot of their arguments in the editorials were we have a tax code problem — the tax code needs to be overhauled. Plug in one leak, while letting another one pour out, why aren't we just redoing the whole thing?
Olivia Allen-Price [] Spending on this ballot measure has been very lopsided as of early October, with 36 million dollars coming from those who want to see property tax transfers expanded.
And the realtors stand to benefit, incredibly, by seeing homes sold throughout California. The realtors have incredible political influence throughout the state of California, in the state legislature, which is part of how this got to the ballot, which was by the state legislature, but at the behest of the realtors. Joe Fitzgerald Rodriguez [] There really is no organized no on Prop 19 that has any significant funding. Olivia Allen-Price [] A vote yes on Prop 19 says you want seniors, people with severe disabilities and victims of natural disasters to be able to move their property tax assessments to another property in the state.
If they buy a more expensive home, they would pay an upward adjustment. And people who inherit property would have to live in the home to keep a low tax assessment. Otherwise, it would be adjusted to market rate.
A vote no on Prop 19 would keep things as they currently are. Olivia Allen-Price [] That's it on Prop Well done for sticking with it. Tomorrow, we'll look at Prop 20, a tough on crime measure that aims to rollback some criminal justice reforms from recent years. If you're finding Prop Fest helpful, let us know by leaving a rating or review for Bay Curious on Apple podcasts.
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Search-Icon Created with Sketch. KQED is a proud member of. Always free. Sign In. KQED Inform. Save Article Save Article. Bay Curious Prop Week. Oct 8, Failed to save article Please try again. One reasonable aspect of Prop 19 is that it eliminates a tax break for most property passed from parent to child inherited property that is not used as a residence.
Inherited second homes and business properties would be assessed at full market value. The League believes that earmarked funds or taxes should be adopted sparingly, be subject to periodic review, and have a fixed sunset date. The two funds that would be created by this initiative meet none of these criteria. Alarmingly, no one has even estimated the probable dollar amount that would be automatically appropriated into these funds.
California has faced many disasters over the last thirty years — power shortages, earthquakes, and a pandemic as well as forest fires. The legislature needs the flexibility to budget based on current needs and priorities. Support measures to ensure revenues both sufficient and flexible enough to meet changing needs for state and local government services; that contribute to a system of public finance that emphasizes equity and fair sharing of the tax burden as well as adequacy; that include long range finance methods that meet current and future needs while taking into account the cumulative impact of public debt.
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