A case of mistaken identity has embroiled California in election controversy, as claims of bias and misinformation swirl around Prop 13 (2020), Prop 13 (1978), and an anticipated "split roll" initiative.
A ballot measure to enable older homeowners in California, particularly empty nesters, to downsize without losing their tax benefits granted to them by the 1978 Proposition 13, has qualified for the November ballot.
The current mortgage interest deduction is $1 million. The House version of the tax bill called for a $500,000 cap while the Senate left it untouched. They split the difference and capped it at $750,000. Congress is expected to pass H.R. 1 this week
A proposed ballot initiative in California would extend the property tax limits offered by Proposition 13 as a lifetime benefit to homeowners over age 55 or severely disabled—even if they move to a new home in another part of the state.
The California legislature ended its season on Friday, handing Gov. Jerry Brown a third major victory. After passing landmark legislation earlier in transportation and climate change, a slate of controversial housing bills await his signature.