Voters reject Prop 5, the property tax transfer initiative

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Voters on Tuesday rejected Proposition 5, a statewide ballot measure that would have allowed homeowners who are 55 or older or severely disabled to transfer tax assessments from a prior home to a new home.

With 95.7 percent of precincts reporting, 41.9 percent of the votes cast on Proposition 5 were to approve the measure, while 58.1 percent were cast to reject it.

The measure, which would have amended Proposition 13, would have allowed the transfer of tax assessments, with a possible adjustment, regardless of the new home’s market value, its location in the state and the buyer’s number of moves.

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