Voters approved a measure to allow homeowners over the age of 55 or those with severe disabilities the ability to transfer their tax assessments of the property to another property of equal or more value, 50.17 % to 49.83%.
In California, eligible homeowners can transfer their tax assessments to a different home of the same or lesser market value, which allows them to move without paying higher taxes.
The measure will allow the parent-to-child and grandparent-to-grandchild exemption in cases where the child or grandchild uses the property as a rental property or second home, rather than a primary residence.
The ballot measure has created the California Fire Response Fund and County Revenue Protection Fund. It also requires the California Director of Finance to calculate additional revenues and net savings resulting from the ballot measure.