Page 12 - AAGLA-FEB 2022

Board President’s Message
Continued from page 11
filing jointly). While this is a wonderful bill if you only own your own home with an assessed value of less than $4 million or you are a renter, in order to reimburse the government for its lost revenue from these tax changes, a property tax surcharge of 1.2% to 1.4% would be imposed on properties with an assessed value of more than $4 million. Our Association will certainly oppose this proposed ballot initiative.
ELIMINATES PROPERTY TAX REASSESSMENT FOR CERTAIN FAMILY REAL PROPERTY TRANSFERS. INITIATIVE CONSTITUTIONAL AMENDMENT.
This proposed referendum seeks to exempt from property tax reassessment transfers of primary residences between parents and children, and grandparents to grandchildren if both of their parents are deceased, regardless of value and removes the cap set in 2020 by Proposition 19. It also exempts transfers between same family members of other real property valued up to $2.4 million including second homes, and investment properties. This measure was proposed by and is bein supported by the Howard Jarvis Taxpayers’ Association. Our Association will certainly support this proposed ballot initiative.
LIMITS STATE AND LOCAL GOVERNMENTS’ ABILITY TO RAISE REVENUES FOR GOVERNMENT SERVICES. INITIATIVE CONSTITUTIONAL AMENDMENT.
For new state taxes, voter approval is required along with the current requirement that Legislature approve by a two-thirds
vote for any taxes it proposes. For new local taxes, local governing body must approve by two-thirds for any taxes it proposes, and voters’ approval must occur in a general election. The legislature or local governing body is required to approve all other fees by a two-thirds vote. Our Association will most likely support this proposed ballot initiative.
AFFORDABLE HOUSING AND FINANCIAL ACCOUNTABILITY ACT OF 2022 (AS OF THE TIME OF THIS WRITING THIS MEASURE IS PENDING ATTORNEY GENERAL REVIEW)
This Measure permits the creation of bonded indebtedness by local governments, schools and college districts and county offices of education for rehabilitation, renovation, acquisition or lease of real property for affordable housing, homelessness prevention and for rental relief assistance with only a 55% vote for ad valorem taxes on real property, and a 55% vote for the creation of general obligation bond (instead of the usual two- thirds votes).
We understand that each of you must weigh these measures and decide whether to support or oppose them according to your own values. This is just an important reminder that your signature on a petition supporting these measures does make a difference which is why we want to keep you informed.
Should some of these proposed ballot measures obtain necessary signatures and qualify for the state ballot, we will be seeking your help to oppose or support the measures later this year.
12 FEBRUARY 2022 • WWW.AAGLA.ORG
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