Breakdown: Proposition 5

Here's an in-depth breakdown of Proposition 5, which will be on the Nov. 6 ballot.

Posted: Oct 31, 2018 6:46 PM
Updated: Nov 7, 2018 12:45 PM

DECISION: 

NO - 3,259,171 votes, 58 percent
YES -
2,371,950 votes, 42 percent

**REMINDER: These are the unofficial results from the midterm elections. All official results must be certified by the Secretary of State.

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The election is on Nov. 6 and Action News Now is providing a breakdown for Propositions so that you can be prepared to vote in the 2018 Midterm Elections.

Prop 5 - What is it about?

Proposition 5 is all about what to do when you sell your house. 

California law benefits people who stay in their homes for a long time because property taxes by law can only increase two percent every year regardless of a home's value. 

If your home's value doubles or triples, then your property taxes remain low. 

If you are over 55 or if a disaster destroys your home you get a one-time tax break to transfer your low property tax rate to your new home. 

To qualify for that tax break the new home can't be worth more, you can only move one time and you must stay in the county. Proposition 5 eliminates all three of those restrictions. 

Most Californians are focused on Proposition 5 because it would benefit those over 55, but it also benefits people who have lost their home in disasters like the Carr Fire. 

People who qualify for these tax breaks would be able to move into any home anywhere in the state and also move as many times as they want to and keep the same low property tax rate. 

What does my vote mean?

YES: Those over 55 as well as those whose homes were destroyed in disasters will be able to get more property tax breaks 

NO: The law stays the same 

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