Working on proposition for November ballot; would save $1,000 per year on average
The only law protecting seniors and other property owner dollars against inflation and real estate is Proposition 13. The most your real estate taxes can be raised is 2% a year under Prop 13.
Presently Contra Costa County Assessor Gus Kramer and several other assessors throughout the California are working to increase the homeowner’s exemption from $7,000 a year to $100,000 a year minimum. This would give every homeowner almost a $1,000 a year reduction in their property taxes.
Prior to Prop 13 passing in 1978 the homeowner’s exemption was 25% of the assessed value. That also is an alternative to the $100,000 homeowner’s exemption being proposed. Please stay tuned for a proposition that addresses this on our upcoming November 2022 ballot.
“We’re working with the Jarvis Gann group,” Kramer said. “If there was ever a time to help homeowners this is the time with inflation, increased values, and increases in interest rates.”
“The state should have indexed the exemption in 1978 but they were greedy and did not,” he added.
As this proposition develops, he will keep the public informed, Kramer shared.
Allen D. Payton contributed to this report.