Calif. Voters Narrowly In Favor Of Providing Continued Tax Breaks For Older Homeowners
LOS ANGELES (CBSLA) —Proposition 19, which would allow home sellers 55 and older to have the same property tax protection in every county in California, was narrowly passing.
With 72.25% of precincts reporting Thursday morning, Prop. 19 was passing by a margin of 51.49% to 48.51%. The race was still too close to call.
If it passes, Prop. 19 would provide property tax relief for people who are over 55, disabled or disaster victims by allowing them to purchase a new home, but continue paying property tax rates based on their previous residence.
It would also limit the tax break provided when a parent passes a home or property to an adult child.
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