California Changes to Tax Assessment on Inherited Homes Initiative (2022)
| California Changes to Tax Assessment on Inherited Homes Initiative | |
|---|---|
 | |
| Election date November 8, 2022 | |
| Topic Taxes and Property | |
| Status Not on the ballot | |
| Type Constitutional amendment | Origin Citizens |
The California Changes to Tax Assessment on Inherited Homes Initiative was not on the ballot in California as an initiated constitutional amendment on November 8, 2022.
The ballot measure would have made changes to the property inheritance reassessments in California. As of 2021, when a principal residence was transferred from parent-to-child or grandparent-to-grandchild, the first $1 million would be exempt from an upward adjustment to the assessment. The ballot measure would have increased the number from $1 million to $2.4 million and adjusted it to inflation beginning on February 16, 2023.[1]
Text of the measure
Ballot title
The ballot title would have been as follows:[2]
| “ |
Eliminates Property Tax Reassessment for Certain Family Real Property Transfers. Initiative Constitutional Amendment.[3] |
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Petition summary
The summary provided for inclusion on signature petition sheets was as follows:[2]
| “ |
Exempts from property tax reassessment transfers of primary residences between parents and children (and grandparents to grandchildren if parents are deceased), regardless of value (removing cap set in 2020 by Proposition 19). Also exempts transfers between same family members of other real property valued up to $2.4 million (e.g., second homes, rental/business properties). Reduces local property tax revenues and eliminates California Fire Response Fund created by Proposition 19. Requires state to reimburse local agencies for property tax losses due to Proposition 19’s other tax changes.[3] |
” |
Fiscal impact
The fiscal impact statement was as follows:[2]
| “ |
Increased state costs of hundreds of millions of dollars per year to cover recent local government property tax losses. These costs would grow over time, possibly to $1 billion or more per year. Local government funding would decline by tens of millions of dollars per year. Over time, these losses would grow to hundreds of millions of dollars per year. Schools would have losses of similar amounts.[3] |
” |
Full text
The full text is available here.
Path to the ballot
Process in California
In California, the number of signatures required for an initiated constitutional amendment is equal to 8 percent of the votes cast in the preceding gubernatorial election. Petitions are allowed to circulate for 180 days from the date the attorney general prepares the petition language. Signatures need to be certified at least 131 days before the general election. As the verification process can take multiple months, the secretary of state provides suggested deadlines for ballot initiatives.
The requirements to get initiated constitutional amendments certified for the 2022 ballot:
- Signatures: 997,139 valid signatures were required.
- Deadline: The deadline for signature verification was 131 days before the general election, which was around June 30, 2022. However, the process of verifying signatures can take multiple months and proponents are recommended to file signatures at least two months before the verification deadline.
Signatures are first filed with local election officials, who determine the total number of signatures submitted. If the total number is equal to at least 100 percent of the required signatures, then local election officials perform a random check of signatures submitted in their counties. If the random sample estimates that more than 110 percent of the required number of signatures are valid, the initiative is eligible for the ballot. If the random sample estimates that between 95 and 110 percent of the required number of signatures are valid, a full check of signatures is done to determine the total number of valid signatures. If less than 95 percent are estimated to be valid, the initiative does not make the ballot.
Initiative #21-0015
Jon Coupal filed the ballot initiative on August 26, 2021.[2] The Attorney General of California issued ballot language for the initiative on November 4, 2021, allowing a signature drive to begin. Signatures were due on May 3, 2022.
On April 26, 2022, the campaign informed the secretary of state that they had reached the 25% signature threshold.[2]
On May 19, 2022, the secretary of state reported that the initiative did not qualify for the 2022 ballot.[4]
See also
External links
Footnotes
- ↑ California Attorney General, "Initiative 21-0015," August 26, 2021
- ↑ 2.0 2.1 2.2 2.3 2.4 California Secretary of State, "Initiatives and Referenda Cleared for Circulation," accessed October 20, 2021 Cite error: Invalid
<ref>tag; name "sos" defined multiple times with different content - ↑ 3.0 3.1 3.2 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ Cite error: Invalid
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