Prop. 5 would ease
Re: “Prop. 5 worsens already-broken California property tax system” (Editorial, Sept. 9):
Passage of Proposition 5 will incentivize seniors to sell their appreciated homes in the Bay Area and other areas impacted by a lack of inventory. The Mercury News wants voters in the upcoming election to reject it by citing a somewhat vague assessment from state Legislative Analyst’s Office, stating that the tax break “could eventually cost schools and local government about $1 billion a year.”
LAO analysis additionally finds transfer tax revenue to city and county governments would likely increase by tens of millions of dollars per year and the amount of income tax paid to the state on profits by taxpayers from the sale of their homes would likely increase by a similar amount annually.
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If we are serious about increasing available housing stock and easing the severe housing shortage, support Prop. 5 by voting yes in November.
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Source:: The Mercury News – Politics