That’s how much Proposition 19 supporters have spent to persuade voters to approve the ballot question. According to state records, over $51 million has come from the California Association of Realtors, while the National Association of Realtors pitched in nearly $5 million.
What have opponents spent? Zero.
Under existing state law, virtually all homes in California have their values reassessed after being purchased.
Prop 19 would allow anyone over 55, severely disabled, or the victim of wildfires to move into a new home but be taxed based on their old assessment.
Take a 57-year-old who bought a house in 2000 that was assessed then at $100,000. If she buys a house this year for $1 million, her tax bill will be the same as it was on the old home based on its 20-year-old assessment.
Despite such tax