tag:blogger.com,1999:blog-37526763735875734322024-03-12T16:48:21.699-07:00Silicon Valley Housesrob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.comBlogger303125tag:blogger.com,1999:blog-3752676373587573432.post-85001543956808936742020-03-04T08:25:00.000-08:002020-03-04T08:40:44.189-08:00Water Heater Codes Currently Enforced in Cupertino**<br />
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<a class="bluelink" href="http://www.cupertino.org/index.aspx?page=1058" style="background: transparent; box-sizing: border-box; color: #f01914; text-decoration: none;" target="_blank" title="Water Heater Permits Cupertino"><u style="box-sizing: border-box;">Local Water Heater & Plumbing Permits – Cupertino, CA</u></a></div>
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Water Heater Codes Currently Enforced in Cupertino</h2>
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<strong style="box-sizing: border-box; font-weight: bold;">Approved Location</strong> – Regulations state that most water heaters <b><span style="color: red;">cannot be located in areas such as closets, bathrooms or bedrooms</span></b> (unless it’s used exclusively for the water heater). This prevents accidents as well as human contact with<b><span style="color: orange;"> slight amounts of CO (Carbon Monoxide) that escapes from gas heater vents</span></b>. Cupertino enforces this regulation.</div>
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<strong style="box-sizing: border-box; font-weight: bold;">Earthquake Straps</strong> – Water heaters require certified<b><span style="color: magenta;"> earthquake straps on the bottom and top thirds of your water heater.</span></b> Cupertino enforces this regulation for your safety.</div>
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<strong style="box-sizing: border-box; font-weight: bold;">Venting</strong> – Since <b><span style="color: purple;">Carbon Monoxide(CO)</span></b> is produced by Gas combustion water heaters they require proper venting. The<b><span style="color: purple;"> size of the water heater determines the size of the vent</span></b>. If the vent material gets hot there must be <b><span style="color: purple;">good clearance from flammable or combustible areas</span></b>. This requirement is enforced by inspectors.</div>
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<strong style="box-sizing: border-box; font-weight: bold;">Pans and Drains</strong> – If your water heater is positioned in an<b><span style="color: orange;"> interior location</span></b> or <b><span style="color: magenta;">on a built in platform</span></b> damage could occur from leakage. The CA Plumbing Code requires a<b><span style="color: orange;"> pan under the water heater with a drain line to the exterior.</span></b> Cupertino enforces this requirement. However, <b><span style="color: red;">CPVC, which is an approved material for all kinds of drain lines</span></b> (and less expensive than copper) is <b><span style="color: red;">not allowed to be used. </span></b></div>
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<strong style="box-sizing: border-box; font-weight: bold;">Pressure and Temperature Relief Drain (“P&T Drain”) to the Exterior</strong> – To prevent accidental scalding while the P&T drain is discharging, the CA Plumbing Code requires your P&T relief to be run to the exterior. Inspectors currently enforce this. In cases where piping to the exterior is not possible, Cupertino will not allow the use of a Watts 210 valve as a substitute to draining to the exterior.</div>
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<strong style="box-sizing: border-box; font-weight: bold;">Dedicated Water Shutoff</strong> – If your water heater needs servicing a dedicated water shutoff allows you to turn the water to the water heater off without having to turn off the water to the rest of the house. This code item is actively enforced in Cupertino.</div>
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<strong style="box-sizing: border-box; font-weight: bold;">Pipe Insulation</strong> – Pipes located in unconditioned space are required to be insulated in Cupertino.</div>
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<strong style="box-sizing: border-box; font-weight: bold;">Bonding</strong> – Your gas and water pipes are required to be grounded by the California Electric Code. Bonding the pipes with 6 awg wire and clamps effectively grounds all the pipes. This is a requirement because plumbing is regularly built near electrical wiring. If the wires degrade, they could energize your pipes. Inspectors in Cupertino are currently requiring this.</div>
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<strong style="box-sizing: border-box; font-weight: bold;">Sediment Traps</strong> – Sediment traps are found on gas lines running to your water heater. The trap catches moisture and debris that gets into the line preventing it from entering the combustion chamber of the water heater. Currently, local inspectors enforce this.</div>
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**rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-54569770665255893592019-12-23T04:39:00.003-08:002019-12-23T04:39:32.405-08:00<br />
<br />
我看了报告。<br />
另一个原因<br />
房子很便宜是因为<br />
它需要大量修理。<br />
<br />
房子很便宜的另一个原因是因为它需要大量修理。<br />
Wǒ kànle bàogào.<br />
Lìng yīgè yuányīn<br />
fángzi hěn piányí shì yīnwèi<br />
tā xūyào dàliàng xiūlǐ.<br />
<br />
Fángzi hěn piányí de lìng yīgè yuányīn shì yīnwèi tā xūyào dàliàng xiūlǐ.<br />
**<br />
I read the reports. <br />
Another reason<br />
The house is very cheap is because<br />
it needs lots of repairs.<br />
<br />
Another reason The house is very cheap is because it needs lots of repairs.rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-23814292004674042052019-06-09T16:40:00.001-07:002019-06-09T16:47:41.694-07:00Cupertino Union School District Student Assignment Procedure, Rules, Deadlines, Dates, Explanation, Examples, Clarification,<div style="-webkit-text-stroke-width: 0px; background-color: white; color: #1d2228; font-family: "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin-bottom: 10px; margin-top: 0px; orphans: 2; text-align: left; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Starting June 10, 2019, families who are interested in having their child(ren) attend another school, may request a move where space is available or request to have their child(ren) placed on an existing wait list. The Student Assignment Office is open from 8:30 – 1:30 p.m. to support families with requests. </div>
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Families may add their child(ren) to an existing alternative or attendance area school waitlist. Requests may not exceed two alternative schools and two attendance area schools. If placed through the open enrollment process, the child’s name is removed from the other alternative school lists or attendance area school lists accordingly. </div>
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<em>• Ex. 1: A child is waiting to get into Faria and Portal. The family accepts a spot at Portal. The child’s name is removed from the Faria list.<br />• Ex. 2: A child is waiting to get into Regnart and Muir. The family accepts a spot at Muir. The child’s name is removed from the Regnart list.<br />• Ex. 3: A child is waiting to get into Faria, Portal, Dilworth, and Muir. The family accepts a spot at Muir. The child is removed from the Dilworth list but will remain on the Faria and Portal lists. If the family accepts an offer at Portal, then the child is removed from the Faria list.</em></div>
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Note: If a student is withdrawn from CUSD for any reason, the school choice agreement will become void.</div>
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Attendance Area School: Families that would like their child(ren) to return to the family’s attendance area school may make this request at any time. If there is space, we will work with the schools to support this transfer through a Request for Transfer. If there is no space, the student will be considered “overflow” and will be placed at his/her attendance area school before an open enrollment student when space becomes available.</div>
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Cupertino Union School District, <span style="background-color: white; color: #1d2228; display: inline; float: none; font-family: "helvetica neue" , "helvetica" , "arial" , sans-serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Cupertino, Union, School, District, </span>CUSD, Student Assignment, Department, Rules, Dates,<br />
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Cupertino Union School District Student Assignment, Procedure, Rules, Deadlines, Dates, Explanation, Examples, Clarification,</div>
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-74232958356606046202019-05-23T23:09:00.002-07:002019-05-24T00:03:27.801-07:00Sierra Crest 2bedroom 2bath units listed 2019<br />
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<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-11424003790621529232019-03-28T09:54:00.002-07:002019-03-28T09:54:41.342-07:00Before you break the thermostat in your new home, watch this video.<br />
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**rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-29752501404277120732018-11-14T21:25:00.002-08:002018-11-14T21:25:32.942-08:00If my realtor is advising me to list my home $15,000 below market to try to create a bidding war, is this a sound strategy? Won’t this hurt the home’s marketability if the plan does not work?<br />
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With all due respect to the others who answered who are not REALTORs and don’t have any hard data to back up their claims, here is my proof, with data. Take a look at the sales on San Luis Way in Morgan Hill. All of these sales are of the IDENTICAL FLOOR PLAN at around the SAME TIME PERIOD.</div>
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16766 San Luis Way, Morgan Hill 95037 asked for $715,000 and they got $715,000.</div>
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16772 San Luis Way, Morgan Hill 95037 asked for $699,000 and they got $720,000.</div>
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16756 San Luis Way, Morgan Hill 95037 asked for $698,888 and we got $735,000.</div>
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That last one listed is MY LISTING which got a RECORD PRICE. I advised my client to list low, so that he could get multiple offers. He was in a rush to sell because he was already in contract to purchase a house.</div>
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Also, prices in Silicon Valley hit a peak earlier in 2018 and have been declining since then. Therefore, getting his place sold quickly was in my CLIENT’S BEST INTEREST. (Also, please note that even in a declining market, I got the highest price for my seller.)</div>
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Don’t assume that pricing it low is for the REALTOR’s good. No, it was for MY CLIENT’S GOOD.</div>
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I would have had no problem taking longer to sell, having my yard sign up there longer to get more advertising. In actuality, because I sold quickly I got LESS PUBLICITY for it, so indeed it was in my CLIENT’S BEST INTEREST to sell quickly, not mine.</div>
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When you price it low, you QUICKLY get everyone’s best offer on the table and you don’t have to play any games.</div>
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Also, despite what other may tell you, even if the strategy did not work, the seller is in no way obligated to sell. I told my client, we price it low to quickly see what we can get. If you don’t get what you want, we take it back off the market, you pull my sign off, and we both quickly go back to living our lives with the least amount of interruption.</div>
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As I said in a previous post, you can’t stereotype all REALTORs as being the same. Some of us actually do what’s in the CLIENT’S BEST INTEREST.</div>
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-86847195291929394082018-11-07T12:05:00.002-08:002018-11-07T12:05:51.772-08:00MEASURE CC - THANK YOU TO THE FUHSD COMMUNITY<br />
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MEASURE CC</h1>
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THANK YOU TO THE FUHSD COMMUNITY</h2>
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Thank you to the FUHSD community for their support and passage of Measure CC. We are so grateful to the many members of our community who volunteered their time for this effort.<br style="box-sizing: border-box;" /> <br style="box-sizing: border-box;" />The funds from Measure CC will provide us with a secure and stable source of revenue that will allow us to tackle many of our school facility modernization needs. Our five campuses are each 50 years old, and Fremont High School is fast approaching the 100 year mark. We have approximately 400 classrooms that are in desperate need of modernization. Work planned for Measure CC funds will include replacement of heating and cooling systems, new roofing and floors, LED lighting, new technology and furniture. We are going to continue our practice of using bond funds to make our buildings more energy efficient in order to save on general fund operating expenses.<br style="box-sizing: border-box;" /> <br style="box-sizing: border-box;" />More information and a list of possible projects for each of our five campuses can be found on this page. Over the course of the next several months, we will be solidifying our project list for the Measure CC funds and working with our principals to gather input from staff, students and families on our proposed projects. We look forward to working with all stakeholder groups to ensure the best use of the bond funds for our students.<br style="box-sizing: border-box;" /> <br style="box-sizing: border-box;" />Thank you again for your support of our students, staff and schools.</div>
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MEASURE CC INFORMATION</h2>
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In July 2018, the Board of Trustees approved placing Measure CC, a $275 million school bond, on the ballot in November. Measure CC would allow FUHSD to continue the work started under Measures B and K to build classrooms and modernize facilities at all five high school campuses, which are each at least 50 years old. Between Measures B and K, we were able to build 127 new classrooms district-wide. The continuation of this modernization process under Measure CC would include necessary upgrades to infrastructure and would touch the remaining 400 classrooms that have not yet been updated at Cupertino, Fremont, Homestead, Lynbrook and Monta Vista high schools so that all students and teachers have updated and modern classrooms and facilities. All voters in the Fremont Union High School District will be asked to vote on Measure CC on the November 6, 2018 ballot.</div>
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Modernization in each classroom would include new Heating, Ventilation and Air Conditioning (HVAC) systems, LED lighting replacement and ceiling tiles, fire alarms and sprinklers, a technology refresh, new furniture, painting and patching, roofing and flooring. </div>
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Measure CC would provide strict accountability, with all funds audited annually and reviewed by an independent citizens’ oversight committee. The average yearly cost to property owners in the District would be a maximum of $16 per $100,000 of assessed value (not market value). FUHSD is proud to have the highest possible credit rating for a school district from both Standard and Poor’s (Aaa) and Moody’s (AAA). This has allowed the District to refinance bonds at favorable rates and save taxpayer money. </div>
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In addition to the local support from property owners, FUHSD has leveraged other recent bonds to receive a total of 11.6 million additional dollars ($2.2 million from Prop 39, which greatly improves our energy savings, $9.1 in OPSC funding from the state bond issue, and $300,000 from a state tire grant). We have applied for additional dollars from a state Career and Technical Education grant to support the Homestead High School Innovation Hub, which is currently under construction. </div>
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Future needs at each site that could potentially be funded by Measure CC include the following:</div>
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CUPERTINO</h4>
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<li style="box-sizing: border-box;">Classroom Modernization (100, 300, 400, 500 Wings)</li>
<li style="box-sizing: border-box;">Music Room Expansion</li>
<li style="box-sizing: border-box;">Visual and Performing Arts Courtyard</li>
<li style="box-sizing: border-box;">Field Upgrades</li>
<li style="box-sizing: border-box;">Replacement of Canopy System</li>
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FREMONT</h4>
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<li style="box-sizing: border-box;">Classroom Modernization (20, 70, 80, 90 and 100 Wings)</li>
<li style="box-sizing: border-box;">Field House</li>
<li style="box-sizing: border-box;">Wrestling Room</li>
<li style="box-sizing: border-box;">Field Upgrades</li>
</ul>
<h4 style="box-sizing: border-box; color: #343845; font-family: acumin-pro-condensed, sans-serif; font-size: 22px; font-weight: 500; line-height: 24px; margin-bottom: 10px; margin-top: 0px; text-transform: uppercase;">
HOMESTEAD</h4>
<ul style="box-sizing: border-box; margin-top: 0px; padding-left: 1.25em;">
<li style="box-sizing: border-box;">Renovation on Buildings A, B, C and L</li>
<li style="box-sizing: border-box;">Seismic safety work</li>
<li style="box-sizing: border-box;">Modernization of Building S, Library, Library Quad and Gym Lobby</li>
</ul>
<h4 style="box-sizing: border-box; color: #343845; font-family: acumin-pro-condensed, sans-serif; font-size: 22px; font-weight: 500; line-height: 24px; margin-bottom: 10px; margin-top: 0px; text-transform: uppercase;">
LYNBROOK</h4>
<ul style="box-sizing: border-box; margin-top: 0px; padding-left: 1.25em;">
<li style="box-sizing: border-box;">Classroom Modernization (70, 100, 200, 300, 400, 500 & 600 Wings)</li>
<li style="box-sizing: border-box;">STEM/Maker Space and Robotics Center</li>
<li style="box-sizing: border-box;">Science Classroom Modernization</li>
<li style="box-sizing: border-box;">Field Upgrades</li>
</ul>
<h4 style="box-sizing: border-box; color: #343845; font-family: acumin-pro-condensed, sans-serif; font-size: 22px; font-weight: 500; line-height: 24px; margin-bottom: 10px; margin-top: 0px; text-transform: uppercase;">
MONTA VISTA</h4>
<ul style="box-sizing: border-box; margin-top: 0px; padding-left: 1.25em;">
<li style="box-sizing: border-box;">Classroom Modernization (wings A, B, C, D and E)</li>
<li style="box-sizing: border-box;">Academic Quad</li>
<li style="box-sizing: border-box;">Conversion of old dance room into offices</li>
</ul>
</div>
</section><section class="fsElement fsContent" data-use-new="true" id="fsEl_19351" style="box-sizing: border-box; margin-bottom: 20px;"><header style="box-sizing: border-box;"><h2 class="fsElementTitle" style="box-sizing: border-box; color: #343845; font-family: acumin-pro-condensed, sans-serif; font-size: 30px; font-weight: 500; line-height: 30px; margin-bottom: 30px; margin-top: 0px; text-transform: uppercase;">
CAMPUS CONSTRUCTION AND FUTURE NEEDS</h2>
</header><div class="fsElementContent" style="box-sizing: border-box;">
<div style="box-sizing: border-box; margin-bottom: 20px;">
The documents below feature photos and renderings of completed and in progress construction projects at each of our five high school campuses, as well as a list of future needs.</div>
<ul style="box-sizing: border-box; margin-top: 0px; padding-left: 1.25em;">
<li style="box-sizing: border-box;"><a data-file-name="CupertinoCampusConstructionFlyer.pdf" data-resource-uuid="8698f4f9-197d-4735-b2c8-ccf841e77c3f" href="https://www.fuhsd.org/fs/resource-manager/view/8698f4f9-197d-4735-b2c8-ccf841e77c3f" style="background-color: transparent; box-sizing: border-box; color: #8b0e05; text-decoration-line: none; transition: background 0.3s ease 0s, color 0.3s ease 0s;">Cupertino</a></li>
<li style="box-sizing: border-box;"><a data-file-name="FremontCampusConstructionFlyer.pdf" data-resource-uuid="8ea34656-0720-489a-afc9-03345d2e1a92" href="https://www.fuhsd.org/fs/resource-manager/view/8ea34656-0720-489a-afc9-03345d2e1a92" style="background-color: transparent; box-sizing: border-box; color: #8b0e05; text-decoration-line: none; transition: background 0.3s ease 0s, color 0.3s ease 0s;">Fremont</a></li>
<li style="box-sizing: border-box;"><a data-file-name="HomesteadCampusConstructionFlyer.pdf" data-resource-uuid="3300313b-ce86-4d1c-b71e-bc3a1e171983" href="https://www.fuhsd.org/fs/resource-manager/view/3300313b-ce86-4d1c-b71e-bc3a1e171983" style="background-color: transparent; box-sizing: border-box; color: #8b0e05; text-decoration-line: none; transition: background 0.3s ease 0s, color 0.3s ease 0s;">Homestead</a></li>
<li style="box-sizing: border-box;"><a data-file-name="LynbrookCampusConstructionFlyer.pdf" data-resource-uuid="df4dcec4-b502-470d-a0dc-30911e3df3b1" href="https://www.fuhsd.org/fs/resource-manager/view/df4dcec4-b502-470d-a0dc-30911e3df3b1" style="background-color: transparent; box-sizing: border-box; color: #8b0e05; text-decoration-line: none; transition: background 0.3s ease 0s, color 0.3s ease 0s;">Lynbrook</a></li>
<li style="box-sizing: border-box;"><a data-file-name="MontaVistaConstructionFlyer.pdf" data-resource-uuid="4a6ab287-5db7-4bfd-bf9c-b1bcaec4f71a" href="https://www.fuhsd.org/fs/resource-manager/view/4a6ab287-5db7-4bfd-bf9c-b1bcaec4f71a" style="background-color: transparent; box-sizing: border-box; color: #8b0e05; text-decoration-line: none; transition: background 0.3s ease 0s, color 0.3s ease 0s;">Monta Vista</a></li>
</ul>
</div>
</section></div>
</div>
**rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-32828143253164708562018-11-07T09:44:00.002-08:002018-11-07T09:44:44.589-08:00California Prop 5 would have helped unplug the pipeline of older homeowners stuck in their homes which prevented younger homeowners from moving in**<br />
California Prop 5 would have helped unplug the pipeline of older homeowners stuck in their homes which prevented younger homeowners from moving in<br />
**<br />
<div data-words="29" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
Some California empty-nesters feel trapped in oversize homes because their property taxes — relatively low if they’ve owned the home for decades — could rise substantially if they move.</div>
<div data-words="47" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
A state ballot measure seeks to change that. Proposition 5 would greatly expand the ways people 55 and older, the severely disabled and disaster victims can sell their primary residence and transfer its property tax assessment to a replacement home, thus avoiding a potentially steep tax increase.</div>
<div data-words="33" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
Proponents, led by the California Association of Realtors, say it could put a dent in the housing crisis, by freeing up homes for larger families and encouraging developers to build more senior communities.</div>
<div class="bc-recirculation bc-recirculation-b" id="module_B_first" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px;">
</div>
<div data-words="29" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
Opponents, including counties and labor unions, say the November ballot measure would rob schools and local governments of much-needed tax revenue while doing little to ease the housing crunch.</div>
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<div data-index="0" data-view="1" data-words="55" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
The Realtors association, which gathered enough signatures to place it on the ballot, and its national counterpart together have raised $13.2 million to support Prop. 5, according to an analysis by the <a href="http://quickguidetoprops.sos.ca.gov/propositions/2018-11-06/5" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration-line: none;">secretary of state.</a> It will lead to “more efficient use of our existing housing stock,” said Christopher Carlisle, a lobbyist for the association.</div>
<div data-words="54" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
That far exceeds the $2.7 million raised by opponents, which include the California Association of Counties and unions representing teachers, firefighters, service and government workers. The Service Employees International Union <a href="http://www.seiuca.org/2018/07/17/seiu-california-ballot-measure-endorsements/" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration-line: none;">called it</a> “a boon to the real estate industry that comes at the cost of massive cuts to schools and local services communities value.”</div>
<div data-words="52" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
The Legislative Analyst’s Office <a href="https://lao.ca.gov/BallotAnalysis/Proposition?number=5&year=2018" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration-line: none;">estimated</a> that public schools and local governments each could lose more than $100 million annually in property taxes in the early years, growing over time to about $1 billion each per year. The state’s general fund would replace whatever revenue most school districts would lose under the proposition.</div>
<div class="bc-recirculation bc-recirculation-a" id="module_A_first" style="color: #222222; float: left; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-left: -150px; margin-right: 10px; width: 300px;">
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<div data-words="59" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
Under Proposition 13, passed by voters in 1978, property in California is generally reassessed at market value only when it is sold. In between sales, the assessed value can go up by no more than 2 percent per year, plus the value of additions or major improvements. This is known variously as the base-year, Prop. 13 or assessed value.</div>
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Property taxes are 1 percent of assessed value, plus voter-approved local taxes, bringing the statewide average to about 1.1 percent.</div>
<div data-words="37" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
Many long-term homeowners are paying a fraction of what their new neighbors are — and what they themselves would pay — in property tax if they sold their home and bought a comparable or even cheaper one.</div>
<div data-words="66" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
To ease the pain of downsizing, voters subsequently passed Propositions <a href="https://www.boe.ca.gov/proptaxes/prop60-90_55over.htm#FAQs" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration-line: none;">60, 90</a> and <a href="http://www.boe.ca.gov/proptaxes/faqs/propositions110.htm" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration-line: none;">110.</a> These give California homeowners who are at least 55 or severely disabled a once-in-a-lifetime chance to sell their primary residence and transfer its assessed value to a replacement home of equal or lesser value. The replacement home must be in the same county or in one of <a href="https://www.boe.ca.gov/proptaxes/prop60-90_55over.htm" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration-line: none;">11 counties</a> that accept transfers.</div>
<div class="bc-recirculation bc-recirculation-b" id="module_B_2" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px;">
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<div data-words="54" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
If Prop. 5 passes, seniors and disabled homeowners could transfer their assessed value to a replacement home in any California county an unlimited number of times. They could also transfer it to a more expensive home, although the difference in price between their old and new homes would be added to their assessed value.</div>
<div data-words="67" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
If they bought a less expensive home, their property taxes would actually drop. Suppose their existing home is assessed at $500,000, they sell it for $1 million and buy a new one for $800,000. Because the old home’s assessment was half its market value, the new home would be assessed at only $400,000, or half its market value. That $100,000 drop in assessed value wouldn’t happen today.</div>
<div data-words="48" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
Prop. 5 would extend these benefits to people who lose their homes in a governor-declared disaster and buy or rebuild elsewhere. These owners are already entitled to other types of property tax relief, which generally would be replaced by Prop. 5, according to the California Board of Equalization.</div>
<div data-words="102" style="color: #222222; font-family: Lora, "Roboto Slab", "Droid Serif", "Segoe UI Bold", Georgia, "Times New Roman", Times, serif; font-size: 18px; margin-bottom: 24px;">
Carole Robie, 79, would like to sell her two-story, four-bedroom home in Alameda and buy a single-level home in an adult community in Alameda or Contra Costa County. But given today’s prices, she’d probably have to pay slightly more than her home is worth, thereby losing her low property tax base. “It’s what’s keeping me in my home. I do not have any desire to be paying significantly larger property taxes,” she said in March. But as a retired educator, she said, “I understand the dilemma for counties, schools, firefighters. They count on the tax base to provide services to the community.”</div>
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In 2016-17, <a href="https://www.boe.ca.gov/proptaxes/pdf/budgtwk1617.pdf" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration-line: none;">only 5,730</a> senior and disabled homeowners statewide got permission to transfer their assessed value to a replacement home, according to the equalization board.</div>
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The Legislative Analyst’s Office estimated that each year, about 85,000 California homeowners over 55 move to another home without receiving a tax break. “Most of these movers end up paying higher property taxes. Under the measure, their property taxes would be much lower,” it said.</div>
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It acknowledged that the measure could increase home sales by “a few tens of thousands” per year. That would “have some effect on home prices and home building,” leading to “more property tax revenue.” However, it concluded that “the revenue losses from people who would have moved anyway would be bigger than the gains from higher home prices and home building.”</div>
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Higher turnover would also increase state income taxes (from homeowners with taxable capital gains) and real estate transfer taxes. The analyst’s office did not estimate these additional tax revenues or factor them into its cost estimate. “That being said, the increases in income and transfer taxes are about the same magnitude as the margin of error around the property tax estimates,” said Brian Uhler of the analyst’s office.</div>
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Prop. 5 would “absolutely” increase sales of homes at Rossmoor, the sprawling over-55 community in Walnut Creek, said Chuck Lamb, general manager of Rossmoor Realty. “Almost once a week, we lose a sale” when prospective buyers who have “fallen in love” with the lifestyle there realize their property tax would stay the same or go up, even though they are downsizing.</div>
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Opponents point out that property taxes are <a href="https://www.sfchronicle.com/business/networth/article/Could-a-tax-incentive-pry-empty-nesters-from-12795189.php" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration-line: none;">only one thing</a> keeping seniors in their too-big homes. Many long-term owners in high-cost areas would face steep capital gains taxes if they sold. The emotional and physical ordeal of downsizing is another deterrent.</div>
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Napa County Supervisor Diane Dillon said she opposes Prop. 5, mainly because it would “cause this huge deficit in local finances.” Secondarily, it “really doesn’t help our housing crisis at all.”</div>
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As a former estate-planning attorney, Dillon knows that Prop. 5 may sound appealing to some constituents. “The problem with propositions (is that) they are fixed in stone. Maybe a solution or answer could be crafted that wouldn’t have all these detrimental effects.”</div>
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If Prop. 5 fails, the California Association of Realtors plans to sponsor <a href="https://www.sfchronicle.com/business/networth/article/California-tax-shelter-saves-children-big-bucks-13163822.php" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration-line: none;">a proposition</a> for the November 2020 ballot that would do the same thing, but pay for it by cutting back on the benefits of Proposition 58. This state law lets parents transfer a primary residence of any value, plus a generous amount of other property, to their children without it being reassessed at market value. The number of properties that get this tax break far exceeds the number that get transferred under Props. 60, 90 and 110.</div>
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Kathleen Pender is a San Francisco Chronicle columnist. Email: <a href="mailto:kpender@sfchronicle.com" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration: none;">kpender@sfchronicle.com</a> Twitter: <a href="https://twitter.com/kathpender" style="border-bottom: 2px solid rgb(32, 175, 180); color: #222222; text-decoration: none;">@kathpender</a></div>
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https://www.sfchronicle.com/business/networth/article/California-Prop-5-would-help-some-homeowners-but-13300888.php?utm_campaign=sfgate&utm_source=article&utm_medium=https%3A%2F%2Fwww.sfgate.com%2Fpolitics%2Farticle%2FCalifornia-Props-5-8-11-12-Chickens-13369302.php%3Ft%3Dd704e046cd<br />
**rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-40727947102678737422018-10-26T14:27:00.002-07:002018-10-26T14:27:40.920-07:00<br />
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<span style="box-sizing: border-box; outline: 0px;">Two initiatives on the statewide ballot this November could dramatically affect housing opportunities, private property rights, and the availability of affordable housing.</span></div>
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<span style="box-sizing: border-box; outline: 0px;">The first is </span><span style="box-sizing: border-box; outline: 0px;">Prop 5 (Property Tax Fairness Initiative)</span><span style="box-sizing: border-box; outline: 0px;">, C.A.R.’s own initiative to create new homeownership opportunities by generating more sales of single-family homes in existing neighborhoods. This will benefit young families at a time when California faces a severe shortage of homes for sale. </span><span style="box-sizing: border-box; outline: 0px;">C.A.R. qualified the Property Tax Fairness Initiative for the November ballot earlier this year after it submitted nearly 1 million voter signatures to the Secretary of State’s office—a strong indicator of voter support.</span></div>
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<span style="box-sizing: border-box; outline: 0px;">The second measure of concern on the November ballot is Prop 10</span><span style="box-sizing: border-box; outline: 0px;">, which C.A.R. strongly opposes, is the so-called “Affordable Housing Act.” If passed, the longstanding Costa-Hawkins Rental Housing Act would be repealed and exacerbate the housing crisis, eventually allowing local governments to impose draconian rent control measures.</span></div>
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<span style="box-sizing: border-box; color: black; outline: 0px;">REALTORS® have been asking how they can help Pass Proposition 5 and Defeat Proposition 10 this fall. We have created some documents for you to use to help spread the word!</span><span style="box-sizing: border-box; color: black; outline: 0px;"> </span></div>
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<span style="box-sizing: border-box; color: black; outline: 0px;">Below, there are talking points, a reproducible flyer (with space for your business card) content for your client newsletters, social media posts and graphics and instructions for walking your farm to share information with your neighbors and clients.</span></div>
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<span style="box-sizing: border-box; font-size: 18px; outline: 0px;"><span style="box-sizing: border-box; color: black; outline: 0px;"><strong style="box-sizing: border-box; font-weight: bolder;">FOR SHARING ON SOCIAL MEDIA: </strong></span><strong style="box-sizing: border-box; color: black; font-weight: bolder;">Please share<span> </span><span style="background-color: #7f7f7f; box-sizing: border-box; color: #92d050; outline: 0px;">#Yes5No10</span><span> </span>on your posts!</strong></span></div>
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For more information on the YES on Prop 5 and NO on Prop 10 campaigns, please visit<span> </span><a href="https://www.car.org/en/difference/getinvolved/yes5no10" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">on.car.org/yes5no10</a> or contact DeAnn Kerr at deannk@car.org. </div>
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<span style="box-sizing: border-box; outline: 0px;">Paid for by California Association of REALTORS® Issues Mobilization PAC</span></div>
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<strong style="box-sizing: border-box; font-weight: bolder;"><span style="box-sizing: border-box; outline: 0px; text-decoration: underline;"> Links to Yes on Prop 5 , No on Prop 10 materials:</span></strong></div>
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<strong style="box-sizing: border-box; font-weight: bolder;">To download PDF files: </strong>a dropdown bar with either a print icon or a download icon should appear when you place your cursor on the image. </div>
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<strong style="box-sizing: border-box; font-weight: bolder;">To download JPG or PNG files: </strong>Right click your mouse and select Save File</div>
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<strong style="box-sizing: border-box; font-weight: bolder;"><a href="https://www.car.org/en/difference/getinvolved/yes5no10" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Yes on Prop 5, No on Prop 10 Webpage (C.A.R. Log-in Required) </a></strong></div>
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<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/0-CAR_Member-Toolkit-Fact-Sheet.pdf?la=en&hash=63E973FCA31991747C4B6D272A7C630E4941E33A" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;"></a><a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/talking-points-5-10-Public.pdf?la=en&hash=D2E1731C65906530F366764A10B3D2B60425C729" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Member Talking Points</a> </div>
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<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/0-CAR_Member-Toolkit-Fact-Sheet.pdf?la=en&hash=63E973FCA31991747C4B6D272A7C630E4941E33A" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Fact Sheet Flier with business card space</a></div>
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<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Prop5-Fact-Sheet_no-card-space.pdf?la=en&hash=4FBF2573A39523DA8F6C3D74CEB7B35C1CF884F6" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Fact Sheet without business card space</a></div>
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<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Member-Newsletter-Content--FINAL.docx?la=en&hash=C6B2F08EF5D0D5BD999091E7925E1B7E3D06CAFB" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Newsletter Content</a></div>
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<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Member-Combined-Social-Media--Calendar-FINAL.docx?la=en&hash=B42A45FEE751075A54CA617135435C05C3ABB138" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Social Media Posts</a></div>
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<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/2.png?la=en&hash=2E1BE9C0097885A1869EE483FB5C461C998E70CC" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Yes on Prop 5 Graphic</a></div>
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<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/3.png?la=en&hash=06D65C76FD9E759E1A9C7629FD68FEBC299AC8E0" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">No on Prop 10 Graphic</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/4.png?la=en&hash=FFB32DD1BFA2E9213BEEE7254471F725CB1C7049" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Yes on 5 No on 10 Graphic</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/WYF-Door-Knocking-Rules.pdf?la=en&hash=230DD00166C0F7B1B2EE3EBB9FACDA0D6A1B0A7D" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Walk Your Farm Instructions</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Prop-5-Endorsement-List-090418.pdf?la=en&hash=FA924EA349F3D3E588A8F46A15428AE50A483018" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5 Endorsement List<span> </span></a>(as of 9.21.18)</div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/LTEwithinstructions.docx?la=en&hash=CE349764C61CFF98F1C98E928DE312CFA1B8E678" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Letters to the Editor with Instructions</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/LegLiaisonTweets913.docx?la=en&hash=5F0E735820C6A75BE11E93686A26D133FF624D68" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Leg Liaison Tweets (posted 9.28.18)</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
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<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<span style="box-sizing: border-box; outline: 0px; text-decoration: underline;"><strong style="box-sizing: border-box; font-weight: bolder;">Print Ready Graphics </strong></span></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<strong style="box-sizing: border-box; font-weight: bolder;">To download PDF files: </strong>a dropdown bar with either a print icon or a download icon should appear when you place your cursor on the image. </div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<strong style="box-sizing: border-box; font-weight: bolder;">To download JPG or PNG files: </strong>Right click your mouse and select Save File</div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/CAR_-Mbr-Mobilization_-Door-Hanger-FINAL.pdf?la=en&hash=E15B4769811AE062C86953725CD552668F264F76" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Door Hanger with business card space Template </a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/Button---FINAL.png?la=en&hash=C6C3BC95686D6127B08EE4B14175FEC9BBBAB964" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 3" button graphic (single image) PNG File</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/Prop-5-10-Button-Template-for-Avery-22963.pdf?la=en&hash=E3869828AFF646E4B58A39B959440F3E7D5FD2CE" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Full page Button Template for Avery 22963</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_-Mbr-Mobilization-Palm-Card.pdf?la=en&hash=4CE4E73BEB9B5EB8751FA7508444B9075D358EB8" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Palm Cards</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_-Mbr-Mobilization_-Palm-Card-To-Do-List-NEW.pdf?la=en&hash=5562A30DBC35182FECF9A27838A266F6BC721BDB" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Palm Card To-Do list</a> </div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_Mbr-Mobilization-Yard-FINAL_18x12.png?la=en&hash=5A5F522FE9C8AE32644D71768B74B79FA03805E4" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Yard Sign Template 18x12 JPG FIle </a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_Mbr-Mobilization-Yard-FINAL_18x12.pdf?la=en&hash=63D30DB00B73DFD87CF615C5DEB71CB5E8E1911B" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Yard Sign Template 18x12 PDF File </a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<span style="box-sizing: border-box; outline: 0px;"><a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_Mbr-Mobilization-Yard-FINAL_18x12.jpg?la=en&hash=42EFA25179A6D66E92039BA7D9CDCA898D14C1C1" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Yard Sign Template 18x12 PNG File</a></span></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_Mbr-Mobilization-Yard-FINAL_18x24.jpg?la=en&hash=CA03B2B509FCBF2AFA9885FE5AFB8C1DA43E36D8" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Yard Sign Template 18x24 JPG FIle </a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_Mbr-Mobilization-Yard-FINAL_18x24.pdf?la=en&hash=4D650C72176BCF41BF3BA3D478130B95EDF325C0" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Yard Sign Template 18x24 PDF File </a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_Mbr-Mobilization-Yard-FINAL_18x24.png?la=en&hash=21C1F740061C72380C9E54C3E9F3B8EA5570C0E6" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Yard Sign Template 18x24 PNG File</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<span style="box-sizing: border-box; outline: 0px;"><a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_Mbr-Mobilization-Yard-FINAL_36x24.jpg?la=en&hash=99421791C92F1DB60C8A87A09B78E7DFE75295D5" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Yard Sign Template 36x24 JPG FIle </a></span></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<span style="box-sizing: border-box; outline: 0px;"><a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_Mbr-Mobilization-Yard-FINAL_36x24.pdf?la=en&hash=93ADE9DB8A29890D296B9EA9C6660B2EEAA93460" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Yard Sign Template 36x24 PDF File </a></span></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
<a href="https://www.car.org/-/media/CAR/Documents/Your-CAR/PDF/Get-Involved/prop510/Printer-Bundle/CAR_Mbr-Mobilization-Yard-FINAL_36x24.png?la=en&hash=DCBA22F0300900886A249769A17C7009D6EE3B06" style="background-color: transparent; box-sizing: border-box; color: #132c6e; cursor: pointer; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 800; letter-spacing: 1px; line-height: 16px; margin: 0px; position: relative; text-decoration: none; text-transform: none; touch-action: manipulation;">Prop 5/10 Yard Sign Template 36x24 PNG File</a></div>
<div style="box-sizing: border-box; color: #212121; font-family: "Open Sans", sans-serif; font-size: 14px; font-weight: 400; line-height: 1.6em; margin: 0.666667em 0px; position: relative;">
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<div class="contentWrapper contentRail col-md-3" style="-webkit-text-stroke-width: 0px; background-color: white; box-sizing: border-box; color: #373a3c; float: right; font-family: "Open Sans", sans-serif; font-size: 10px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 2em 2em 0px; min-height: 1px; orphans: 2; padding: 0px; position: relative; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; width: 30em; word-spacing: 0px;">
<div class="contentOffsetPadding" style="box-sizing: border-box; padding: 0px;">
<div class="adUnit adUnit300x600" style="box-sizing: border-box; height: 60em; margin: 0px; max-width: 30em; overflow: hidden; position: relative; width: 30em;">
<iframe frameborder="no" framespacing="0" height="600" id="ox_7138468708_538562187" name="ox_7138468708_538562187" scrolling="no" style="box-sizing: border-box; height: 600px; width: 300px;" width="300"></iframe></div>
<br style="box-sizing: border-box;" /><div class="adUnit" style="box-sizing: border-box; position: relative;">
<iframe frameborder="no" framespacing="0" height="600" id="ox_9427994830_539157729" name="ox_9427994830_539157729" scrolling="no" style="box-sizing: border-box;" width="300"></iframe></div>
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<div class="featuredItemCarousel articleFooterWrapper" style="-webkit-text-stroke-width: 0px; background-color: white; box-sizing: border-box; clear: none; color: #373a3c; float: left; font-family: "Open Sans", sans-serif; font-size: 10px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0em 0em 0em -2.5em; max-width: 100%; orphans: 2; padding: 0px 0px 0px 2.5em; position: relative; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; width: calc(100% - 33em); word-spacing: 0px;">
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Featured Articles</h2>
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**rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-52741770794074437042018-10-15T12:44:00.002-07:002018-10-15T12:44:25.394-07:00Valuation Guide: Gas and Convenience Store<div class="fusion-page-title-bar fusion-page-title-bar-breadcrumbs fusion-page-title-bar-left" style="background-color: #f6f6f6; background-image: url("//www.fulcrum.com/wp-content/uploads/2016/04/page_title_bg.png"); background-position: center center; background-repeat: no-repeat; background-size: cover; border-bottom: 1px solid rgb(210, 211, 212); border-left-color: rgb(210, 211, 212); border-right-color: rgb(210, 211, 212); border-top: 1px solid rgb(210, 211, 212); box-sizing: border-box; clear: both; font-family: Tahoma, Geneva, sans-serif; font-size: 16px; height: 80px; padding: 0px 30px; width: 1230px;">
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Valuation Guide: Gas and Convenience Store</h1>
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<article class="post post-1094 type-post status-publish format-standard hentry category-valuation-and-appraisal category-valuation-guides" id="post-1094" style="box-sizing: border-box; margin-bottom: 0px;"><h2 class="entry-title fusion-post-title" data-fontsize="18" data-lineheight="27" style="box-sizing: border-box; color: #333333; font-family: "Antic Slab", Arial, Helvetica, sans-serif; font-size: 18px; font-weight: 400; letter-spacing: 0px; line-height: 27px; margin: 0px 0px 28px; padding-bottom: 0px;">
Valuation Guide: Gas and Convenience Store</h2>
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Summary of Valuation Approaches</h3>
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There are four different types of valuation methods that can be used to value gas and convenience stores, these methods are:</div>
<ol style="box-sizing: border-box;">
<li style="box-sizing: border-box;">Asset-based valuation<br style="box-sizing: border-box;" />The basic formula to use for this method is: The fair market value of a company’s assets less the fair market value of its liabilities = the fair market value of a company’s equity. This is approach also sometimes referred to as a cost based approach where the value of the business is equal to the cost of acquiring its assets with the same utility. This approach is seldom used for a gas and convenience store because the value of a convenience store is more closely related to its earnings and cash flow.</li>
<li style="box-sizing: border-box;">Income approach to value (capitalization of earnings)<br style="box-sizing: border-box;" />This method is most the accurate for gas and convenience stores that have a constant growth of earnings and have a long history of operations. This method is equal to the cash flow projection for one year divided by the capitalization rate.</li>
<li style="box-sizing: border-box;">Income approach to value (discounted cash flow)<br style="box-sizing: border-box;" />The value of equity utilizing this method is equal to the present value of free cash flows available to equity holders over the life of the business. This method works well for both established convenience stores with low growth rates as well as newly opened stores with higher rates of growth.</li>
<li style="box-sizing: border-box;">Market approach to value<br style="box-sizing: border-box;" />This method utilizes market indications of value such as publicly traded comparable company stock as well as acquisitions of privately held gas and convenience stores.</li>
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Description of the Industry</h3>
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According to the National Association of Convenience Stores (“NACS”) the gas and convenience store industry has approximately 145,000 stores in the United States which account for $624 billion in annual sales. It is estimated that 80% of these stores sell gas in addition to food, beverage, and other products. This industry falls into SIC code 5411 and NAICS code of 445120.</div>
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A typical convenience store is about 2,800 square feet in size and services about 1,100 customers per day. The gas and convenient store industry is highly fragmented. Seventy percent of stores are owned by companies that have ten or less stores while 62% of convenient stores are owned by someone who has only one store.</div>
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The number of stores in the US has grown at a compound annual rate of 1.2% since 2004. However, the total number of gas and convenient stores decreased by 1% in 2008. This decrease was only the third time that the industry experienced a small degree of negative growth over the last 15 years. According to NACS, much of this decrease was experienced by single store owners while larger companies are opportunistically growing market share during the current global recession. 7-Eleven, Inc. one of the nation’s largest convenience store operators announced in May of 2009 that they expect to open 200 more stores by the end of the year. They plan to do this through both organic growth and acquisition.</div>
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According to The Convenience Store News, the 2008 top 10 gas and convenience store companies operating in the U.S. are:</div>
<ol style="box-sizing: border-box;">
<li style="box-sizing: border-box;">7-Eleven, Inc.</li>
<li style="box-sizing: border-box;">BP North American</li>
<li style="box-sizing: border-box;">Shell Oil Products</li>
<li style="box-sizing: border-box;">Exxon Mobile Corp.</li>
<li style="box-sizing: border-box;">ChevronTexaco Corp.</li>
<li style="box-sizing: border-box;">Alimentation Couche-Tard</li>
<li style="box-sizing: border-box;">Speedway SuperAmerica LLC</li>
<li style="box-sizing: border-box;">CITGO</li>
<li style="box-sizing: border-box;">Sunoco, Inc.</li>
<li style="box-sizing: border-box;">The Pantry, Inc.</li>
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Seven of the top ten gas and convenience store companies listed above are owned by large oil companies. Only 7-Eleven, Alimentation (Circle K), and The Pantry, are purely retail companies. The recently oil companies have been shifting from an owner operator model to a franchisor/franchisee model in their gas and convenient store business segment. In addition to increasing the number of franchisees, these oil companies have also been selling off a significant number of stores. Big oil companies are not the only examples of shifting to the franchise model. 7-Eleven has also continued to increase its percentage of franchises over recent years preferring to focus on branding, real estate acquisition, logistics, and systems and leaving the merchandising to franchisees who are more familiar to their customer base. Out of the top 10 companies only The Pantry remains a wholly owned operator of all its stores.</div>
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Industry Trends</h3>
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The following are some trends within the Gas and Convenience store industry:</div>
<ol style="box-sizing: border-box;">
<li style="box-sizing: border-box;">The distribution of gas is highly regulated by states and federal agencies. In addition there is a current ongoing lawsuit in a US District court that involves the temperature at which gas is pumped. The people that brought the suit allege that when gas is pumped at temperatures greater than sixty degrees consumers get less gas than they should due to expansion. If successful, the suit would require retrofitting pumps which would be a significant cost for all gasoline retailers</li>
<li style="box-sizing: border-box;">The financial performance of convenience stores that offer gasoline has been negatively impacted during recent periods of high gas prices. Reduced gasoline consumption due to high prices is not only impacting the volume of gas sold at retailers, but is also reducing the amount of customers that come in to buy food and beverages when they fill up their tank. Food and beverage sales offer higher margins than gasoline sales and the loss of these sales has had a negative impact.</li>
<li style="box-sizing: border-box;">Credit card fees continue to be a significant and growing expense for convenience stores. The total industry credit card fees have grown at a rate of 27% over the past 5 years and are the second largest expense at the store level. One way that convenience stores are attempting to combat these fees is by offering incentives to pay with cash when buying gasoline.</li>
<li style="box-sizing: border-box;">Many convenience stores have evolved from gas stations that sell food to restaurants that also sell gas. Food prepared in the store has grown to represent almost 50% of food service sales. Fresh food sales great margins and if done well can actually cause the food to be the product that draws customers in addition to the gas.</li>
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Financial Benchmark Statistics</h3>
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The following benchmarking data is based on a study of over 200 U.S. convenience store companies each with less than $250 million in annual sales.</div>
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<tr style="box-sizing: border-box;"><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="271"><strong style="box-sizing: border-box;"> </strong></td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="78"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
<strong style="box-sizing: border-box;">2003</strong></div>
</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="84"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
<strong style="box-sizing: border-box;">2004</strong></div>
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<strong style="box-sizing: border-box;">2005</strong></div>
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<strong style="box-sizing: border-box;">2006</strong></div>
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<strong style="box-sizing: border-box;">2007</strong></div>
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<tr style="box-sizing: border-box;"><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="271">Gross Profit %</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="78"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
23.0</div>
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19.8</div>
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20.6</div>
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22.0</div>
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19.2</div>
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<tr style="box-sizing: border-box;"><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="271">Operating profit %</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="78"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
2.0</div>
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1.0</div>
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2.0</div>
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2.1</div>
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2.0</div>
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<tr style="box-sizing: border-box;"><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="271">Owners Compensation/Sales %</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="78"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
2.0</div>
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2.2</div>
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1.7</div>
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2.2</div>
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1.7</div>
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<tr style="box-sizing: border-box;"><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="271">Sales/Fixed assets</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="78"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
12.2</div>
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15.7</div>
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13.4</div>
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17.9</div>
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17.0</div>
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<tr style="box-sizing: border-box;"><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="271">Current ratio</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="78"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
1.4</div>
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1.7</div>
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1.4</div>
</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="72"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
1.8</div>
</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="61"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
1.4</div>
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<tr style="box-sizing: border-box;"><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="271">Inventory Turnover</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="78"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
23.3</div>
</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="84"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
18.6</div>
</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="72"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
21.8</div>
</td><td style="border-color: rgb(224, 222, 222); box-sizing: border-box;" valign="bottom" width="72"><div align="center" style="box-sizing: border-box; margin-bottom: 20px;">
20.7</div>
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27.3</div>
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Industry Organizations and Publications</h3>
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<li style="box-sizing: border-box;">National Association of Convenience Stores</li>
<li style="box-sizing: border-box;">Convenience Store News</li>
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Availability of Publicly Traded Guideline Firms</h3>
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Many of the top convenience store retailers are publicly traded; however, most of these public companies are primarily oil companies and are not good comparisons to a convenience store with or without gas. 7-Eleven, Inc., the largest convenience store operator measured by number of stores, was taken private in 2005. The largest publicly traded pure play convenient store operator in the U.S. is The Pantry, Inc. which operates 1,664 wholly owned gas and convenience stores. The pantry has a price to earnings ratio of 11.1 and a price to cash flow ratio of 1.6 as of the date of this report.</div>
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Availability of Purchase Transactions</h3>
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Since there are relatively few publicly traded comparable convenience store operators in the U.S., a valuation professional would need to place significant reliance on acquisition data for privately held convenience stores when performing an appraisal. One database that tracks acquisitions records 86 purchases convenience store businesses in the U.S. since 2002. The size of these acquired companies range from $150,000 to $4,142,000 in annual sales. From 2002 to the present, the multiple of:</div>
<ol style="box-sizing: border-box;">
<li style="box-sizing: border-box;">Market value of invested capital to Net Sales (MVIC/Sales)valuation multiples ranged from 0.1 to 1.45 times</li>
<li style="box-sizing: border-box;">MVIC to earnings before interest, taxes and depreciation (MVIC/EBITDA) valuation multiples ranged from 1.5 to 22.0 times.</li>
</ol>
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Stores that sell gasoline typically have a higher multiple than stores that do not. This range of market multiples is too variant to be useful without further analysis. A proper value for the company that is being assessed should be based on the performance of the subject enterprise, compared to the performance of others in the same industry. Industry economic conditions also vary at different times, which obviously affect convenient stores as investment opportunities. Specific factors that are unique for each store or business must be considered. Some of these factors include:</div>
<ol style="box-sizing: border-box;">
<li style="box-sizing: border-box;">Is the real estate owned or leased</li>
<li style="box-sizing: border-box;">The duration of the lease and landlord/tenant relations</li>
<li style="box-sizing: border-box;">The proximity of the facility to highly populated areas and freeway access</li>
<li style="box-sizing: border-box;">The condition of the store</li>
<li style="box-sizing: border-box;">The history of the operations and financial performance</li>
<li style="box-sizing: border-box;">The competitive environment of the local area</li>
<li style="box-sizing: border-box;">Franchise or Non-franchise</li>
</ol>
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Fulcrum Inquiry performs <a href="http://www.fulcrum.com/valuationappraisal_services.htm" style="box-sizing: border-box; color: #7c1c01; text-decoration-line: none;"><span style="box-sizing: border-box; color: purple;">business appraisals</span></a> for as and convenience stores, as well as <a href="http://www.fulcrum.com/experience/valuation-and-appraisal-2/" style="box-sizing: border-box; color: #7c1c01; text-decoration-line: none;"><span style="box-sizing: border-box; color: purple;">other businesses</span></a>.</div>
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rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-22056840913605191962018-10-15T12:43:00.001-07:002018-10-15T12:43:11.976-07:00The Connection Between Convenience Store Earnings and Property Value<div class="title-wrapper " style="background-color: white; box-sizing: border-box; color: #4a4a4a; font-family: Arial, sans-serif; font-size: 17px; line-height: 1.5; margin: 0px; padding: 0px;">
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For <b>convenience store</b> real estate, <b>value is related to earnings</b>. Because they are <b>income-producing</b> properties, the market value of c-stores is directly proportional to their <b>capacity to generate sales and profits</b> -- stores that earn more are worth more.</div>
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Property prices for c-stores today are down about 20 percent as a result of the Great Recession. Commercial real estate prices across the nation dropped about 40 percent during that recession, which began in 2007, but are now recovering. Based on the past relationship between earnings and real estate prices, we can project real estate price levels at full recovery. To illustrate this relationship, we can use gross profit as a measure of earnings.</div>
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The table below shows various levels of <b>gross profit</b> alongside the corresponding current real estate value today and the projected recovery value. It can easily be seen that stores with <b>higher gross profits</b> typically have <b>higher real estate values</b>. For example, a store earning a stabilized gross profit of $400,000 per year would have real estate assets worth about $1,040,000 today, and an expected recovery value of $1,320,000.</div>
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The real estate values in this table include the site, store building, canopy, <b>underground storage tanks</b> and dispensers. They do not include food-service equipment, personal property or business value. The reported real estate value assumes typical management and is not based on any specific branding.</div>
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Per-store gross profit has been steadily increasing over the last decade, rising by about 4 percent per year, unadjusted for inflation. So, the decline in c-store property prices during the recession most likely reflected general economic conditions outside the convenience industry.</div>
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According to CoStar’s latest CCRSI Commercial Property Sale Index, commercial real estate prices are recovering and pricing growth is accelerating across the nation. We expect convenience store real estate prices to follow this trend.</div>
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In my next column, I will examine the economic realities of business value -- or the blue sky associated with the business -- and show how it is often overstated by sellers.</div>
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<em style="box-sizing: border-box; line-height: inherit;">appraisal and valuation of convenience stores and gas stations. </em></div>
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<em style="box-sizing: border-box; line-height: inherit;">Find more valuation information at <a href="http://www.cstorevalue.com/" style="background-color: transparent; box-sizing: border-box; color: #008cba; line-height: inherit; text-decoration-line: none;" target="_blank">www.cstorevalue.com</a>.</em></div>
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<em style="box-sizing: border-box; line-height: inherit;">Convenience Store News</em></div>
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rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-41164975474596096942018-10-15T05:29:00.000-07:002018-10-15T05:29:14.912-07:0010 Things to Know About Commercial Real Estate Appraisal<span style="background-color: white; color: #333333; font-family: Heebo; font-size: 20px; letter-spacing: -0.2px;">A commercial real estate appraisal can be complicated-from knowing what to ask for as well as what to provide to the appraiser-here's what you need to know.</span><br />
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<span style="border: 0px; color: #333333; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">business owners</span><span style="color: #333333; font-weight: inherit;"> have a lot to digest when it comes to the subject of commercial real estate—especially these days. That goes double for the notion of obtaining an appraisal on a piece of commercial real estate, a process that can differ quite a bit from appraisals done for residential properties. "</span><b style="color: #333333;">Commercial</b><span style="color: #333333; font-weight: inherit;"> is very different from residential in the fact that </span><b><span style="color: #333333;">appraisals are much more </span><span style="color: magenta;">subjective </span><span style="color: #333333;">in nature</span></b><span style="color: #333333; font-weight: inherit;">," says Scott Everett, founder and president of Supreme Lending, a mortgage lender in Dallas. "Much of the value derived from a commercial building is </span><span style="color: #333333;"><b>based on the rental rates received</b></span><span style="color: #333333; font-weight: inherit;"> relative to the expenses paid out. The underlying asset is important, but not even close to the same way that a residential properties value assets."</span><br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="color: #333333; font-weight: inherit;">In other words, if you're looking to get an appraisal done on a piece of commercial property—perhaps because you want to buy or sell it or even because you want to establish a value of a lease or lodge a property tax appeal—there could be a bit of a learning curve in knowing what you're about to embark on. </span><em style="border: 0px; color: #333333; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">Inc</em><span style="color: #333333; font-weight: inherit;">. contributor Darren Dahl asked Douglas McKnight, a 22-year veteran commercial real estate appraiser and managing director at </span><a href="http://www.capstruc.com/" rel="nofollow" style="background-color: transparent; border: 0px; color: #009cd8; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; text-size-adjust: 100%; vertical-align: baseline;" target="_blank">CapStruc Valuation</a><span style="color: #333333; font-weight: inherit;"> in Malvern, Pennsylvania, for some insight into his profession. What follows is a list of the top 10 things McKnight says you need to know about commercial real estate appraisals:</span><br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="border: 0px; color: #333333; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">1. The Inspection Is Only a Small Part of the Appraisal Process</span></div>
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<span style="color: #333333; font-weight: inherit;">Depending on the size and complexity of the property to be appraised, it might take less than an hour to several hours to inspect the property. Some clients perceive this as the entire process but the truth is that it is just the beginning. Appraisers research public ownership and </span><b style="color: #333333;">zoning </b><span style="color: #333333; font-weight: inherit;">records, investigate </span><b style="color: #333333;">demographic </b><span style="color: #333333; font-weight: inherit;">and lifestyle information, and compile </span><b><span style="color: blue;">comparable sales</span></b><span style="color: #333333; font-weight: inherit;">, </span><b><span style="color: purple;">replacement costs</span></b><span style="color: #333333; font-weight: inherit;">, and </span><b><span style="color: magenta;">rentals</span></b><span style="color: #333333; font-weight: inherit;">. They then analyze this information as it relates to the value of the property. Finally, they write a report on their findings. The </span><span style="color: #333333;"><b>inspection </b></span><span style="color: #333333; font-weight: inherit;">is just the beginning of an </span><b><span style="color: #333333;">appraisal </span><span style="color: blue;">process </span><span style="color: #333333;">that may take </span><span style="color: blue;">several days</span><span style="color: #333333;"> or even </span><span style="color: blue;">weeks</span><span style="color: #333333;">.</span></b><br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="border: 0px; color: #333333; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">2. Don't Try to Misrepresent the Facts</span></div>
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<b><span style="color: red;">Appraisers are professional skeptics. They will seek to verify anything that you tell them </span></b><span style="color: #333333; font-weight: inherit;">from other sources. McKnight says he often ask questions that he already knows the answer to just to test the credibility of the people showing him the property. Appraisers are always thinking about how they will defend their opinions if they are ever brought to court, even in assignments in which litigation appears unlikely. </span><b><span style="color: red;">If you misrepresent anything, the appraiser will discount the credibility of anything else that you say.</span></b><br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="border: 0px; color: #333333; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">Dig Deeper:<a href="https://www.inc.com/magazine/20091001/how-to-pick-a-site-for-your-business.html" style="background-color: transparent; border: 0px; color: #009cd8; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; text-size-adjust: 100%; vertical-align: baseline;" target="_blank"> </a></span><em style="border: 0px; color: #333333; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;"><a href="https://www.inc.com/magazine/20091001/how-to-pick-a-site-for-your-business.html" style="background-color: transparent; border: 0px; color: #009cd8; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; text-size-adjust: 100%; vertical-align: baseline;" target="_blank">How to Pick a Site for Your Business</a></em><br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="border: 0px; color: #333333; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">3. Don't Withhold Information</span></div>
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<span style="font-weight: inherit;">You will probably be asked if you can provide a </span><b>property tax bill</b><span style="font-weight: inherit;">, a set of </span><b>drawings </b><span style="font-weight: inherit;">of the property, </span><b>income statements</b><span style="font-weight: inherit;">, and other things. You might not know why an appraiser is asking you for something but it is best to provide whatever you can. Appraisers have no interest in unduly expanding their work files but they do need certain information and the more you provide, the more quickly they can complete the assignment. If you subsequently dispute the appraisers value opinions and produce additional information that wasn't provided from the onset, you have wasted valuable time.</span><br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">4. Appraisers Must Adhere to a Strict Code of Ethics</span></div>
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Appraisers must follow the Uniform Standards of Professional Appraisal Practice, which, among other things, requires them to provide an unbiased opinion. Failure to follow this might result in disciplinary action from the state, including revocation of an appraiser's certification. If an appraiser refuses to do something that you ask for, it is probably because of the obligation to adhere to these ethics.</div>
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<span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">Dig Deeper:<a href="https://www.inc.com/think-twice-about-buying-commercial-real-estate.html" style="background-color: transparent; border: 0px; color: #009cd8; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; text-size-adjust: 100%; vertical-align: baseline;" target="_blank"> </a></span><em style="border: 0px; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;"><a href="https://www.inc.com/think-twice-about-buying-commercial-real-estate.html" style="background-color: transparent; border: 0px; color: #009cd8; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; text-size-adjust: 100%; vertical-align: baseline;" target="_blank">Think Twice About Buying Commercial Real Estate</a></em></div>
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<em style="border: 0px; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;"><br style="text-size-adjust: 100%;" /></em></div>
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<span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;"><span style="font-weight: inherit;">5. The </span><b>Client </b><span style="font-weight: inherit;">Is the </span><b>Party That Orders</b><span style="font-weight: inherit;"> the Appraisal</span></span></div>
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If the appraisal is for financing, the lender is the client. Appraisers are obligated to maintain client confidentiality, so if you are the borrower or any other party, the appraiser cannot release the appraisal report or any other confidential information to you. If you order an appraisal as part of a property tax appeal and are afraid that the appraised value might be higher than the assessed value, you can rest assured that the appraiser won't release the results to the property tax board without your permission.<br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">6. Identify the Intended Users</span></div>
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Make sure the appraiser knows who you want to use the report. If you are looking to buy a property, that might mean you intend to share the appraisal with the seller, your lender (though they will likely obtain their own appraisal) and possibly your local property tax appeal board. These people or parties will be identified in the appraisal report and are the only ones who are authorized to use the report.</div>
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<span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">Dig Deeper:</span><a href="https://www.inc.com/magazine/20100901/the-truth-about-real-estate.html" style="background-color: transparent; border: 0px; color: #009cd8; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; text-size-adjust: 100%; vertical-align: baseline;" target="_blank"><span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;"> </span><em style="border: 0px; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">The Truth About Real Estate</em></a></div>
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A "restricted use report" is the shortest and least expensive type but can only be used by the client. Fees can vary based on the size of the property as well as the scope of the appraisal, but a good starting point for a restricted report might be $2000 to $2,500. A "summary report" summarizes the data and analysis and can be used by any intended user and can cost upwards of $3,000. A "self-contained report" contains all of the details of the data and analysis, but is rarely requested. If you tell the appraiser how you intend to use the report, he or she can guide you as to what type of report you will need. <br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">8. The Type of Report Is Separate From the Scope of Work</span></div>
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The amount of work involved in reaching conclusions does not depend on the type of appraisal. With a restricted use or summary appraisal, the appraiser will compile large amounts of information that are retained in a work file but are not included in the report. For this reason, the differences in fees between the various types of reports are less than the amount of information contained in the reports might indicate.</div>
<div style="border: 0px; color: #333333; font-family: Roboto, sans-serif; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; letter-spacing: 0px; line-height: 26px; margin-bottom: 12px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">
<span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">Dig Deeper: </span><a href="https://www.inc.com/magazine/20090501/how-to-get-a-good-deal-on-a-lease.html" style="background-color: transparent; border: 0px; color: #009cd8; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-decoration-line: none; text-size-adjust: 100%; vertical-align: baseline;" target="_blank"><em style="border: 0px; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">How to Get a Good Deal on a Lease</em></a><br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">9. Consider the Date of Valuation</span></div>
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Several years ago, McKnight appraised a nightclub. The weekend after he inspected the property, someone was shot in the club. This introduced stigma that reduced the value of the property. This indicates the importance of establishing the date of valuation. Appraisers can appraise property as of the date of inspection, as of a past date (a "retrospective appraisal") or as of a future date (a "prospective appraisal"). It is important that you establish the correct date of valuation for your needs.<br style="text-size-adjust: 100%;" /><br style="text-size-adjust: 100%;" /><span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">10. Consider the "Property Interest" Appraised</span></div>
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Last but far from least, it's important to tell the appraiser what your interest in the property is. For example, if you want to know what a property is worth free and clear – such as a warehouse you want to move your business into – you are interested in what's called the "fee simple interest." In other words, you simply want to know the value of the building and its property. On the other hand, if you want to know what a property is worth to a landlord when occupied by a particular tenant or tenants, you want a "leased fee interest." Finally, if you want to know what a lease is worth to a tenant, you want a "leasehold interest." This is a common request when people look to buy businesses, as they need to know what the value of the lease is to that business. "Be sure to identify which property interest you want appraised," says McKnight.</div>
<div style="border: 0px; color: #333333; font-family: Roboto, sans-serif; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; letter-spacing: 0px; line-height: 26px; margin-bottom: 12px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">
<span style="border: 0px; font-family: RobotoBold; font-stretch: inherit; font-style: inherit; font-variant: inherit; letter-spacing: 0px; line-height: inherit; margin: 0px 0px 0.8em; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">Dig Deeper: </span><a href="https://www.inc.com/guides/2010/07/how-to-purchase-commercial-real-estate.html" style="background-color: transparent; border: 0px; color: #23527c; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; outline: 0px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;" target="_blank"><em style="border: 0px; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; text-size-adjust: 100%; vertical-align: baseline;">How to Purchase Commercial Real Estate</em></a></div>
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The opinions expressed here by Inc.com columnists are their own, not those of Inc.com</div>
rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-61492178105833467752018-10-15T05:19:00.003-07:002018-10-15T05:19:31.790-07:007 Tips for Selling Commercial Real Estate<span id="internal-source-marker_0.8290132579859346" style="border: 0px; color: #666666; font: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Commercial real estate presents unique challenges. If you plan ahead, do your market research, and apprise yourself of the latest trends, you’ll be able to break into the market and hit the ground running. To help ease the transition, here are <strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">7 Tips for</strong></span><span id="internal-source-marker_0.8290132579859346" style="border: 0px; color: #666666; font: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"> Selling Commercial Real Estate</strong>.</span><br />
<div class="post-single-content box mark-links" style="border: 0px; color: #666666; float: left; font-family: arial, sans-serif; font-size: 14px; font-stretch: inherit; font-variant-east-asian: inherit; font-variant-numeric: inherit; line-height: 22px; margin: 0px; overflow: hidden; padding: 0px; vertical-align: baseline; width: 569.547px;">
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<img alt="" class="size-full wp-image-873 alignright" height="263" src="https://themembersedge.blogs.realtor.org/files/2012/06/REALTOR_GuideToCommercialRealEstate_2.jpg" style="border: 0px; display: block; float: right; font: inherit; margin: 0.3em 0px 0.5em 1.571em; max-width: 100%; padding: 0px; vertical-align: baseline;" title="REALTOR_GuideToCommercialRealEstate_2" width="396" /></div>
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<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">1. Talk to other commercial real estate agents</strong>. Ask if they have any tips for making the transition, or if they have particular expertise in your local market. You might even ask if they’ll help you gain experience by co-listing a property to start, allowing you to shadow them through the process.<span id="more-871" style="border: 0px; font: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"></span><strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"></strong></div>
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<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">2. Prepare yourself for a slow start</strong>. Don’t resign yourself to a slow start, but have your ducks in a row, just in case. When making a professional or personal transition in life, a safety net is always helpful — big moves can take time. No matter how much you know about commercial real estate, it’s important to remember that it can take longer to move commercial listings than it generally takes to move residential listings. Be prepared to weather that storm.</div>
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<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">3. Learn the commercial real estate appraisal process</strong>. Appraisals in commercial real estate can be much more complicated than appraisals on residential properties. It’s essential that you know what to ask for and also what to provide the appraiser. Here are “<a href="http://www.inc.com/guides/201105/10-things-about-commercial-real-estate-appraisal.html" style="-webkit-tap-highlight-color: rgb(255, 94, 153); border: 0px; color: #006aa8; font: inherit; margin: 0px; padding: 0px; text-decoration-line: none; transition: background-color 0s ease 0s, color 0.2s linear 0s; vertical-align: baseline;">10 Things to Know About Commercial Real Estate Appraisal</a>,” from <strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><em style="border: 0px; font-family: georgia; font-size: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Inc.</em></strong></div>
<div style="border: 0px; font: inherit; margin-bottom: 20px; padding: 0px; vertical-align: baseline;">
<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">4. Remember that commercial real estate is still about relationships</strong>. Remember, commercial real estate is not THAT much different than residential. The relationships you build with your clients and customers will ultimately determine your success — prospect, cold call, and build momentum.</div>
<div style="border: 0px; font: inherit; margin-bottom: 20px; padding: 0px; vertical-align: baseline;">
<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">5. Be on top of your training</strong>. Look for training opportunities that go beyond what you learned earning your real estate license. NAR offers the <strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.ccim.com/" style="-webkit-tap-highlight-color: rgb(255, 94, 153); border: 0px; color: #006aa8; font: inherit; margin: 0px; padding: 0px; text-decoration-line: none; transition: background-color 0s ease 0s, color 0.2s linear 0s; vertical-align: baseline;">CCIM</a> </strong>designation (<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Certified Commercial Investment Member</strong>) to train commercial real estate owners, investors and users in interest-based negotiation, ethics, market analysis, financial analysis and more. REALTORS<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">®</strong> earning CCIM are recognized experts in commercial real estate.</div>
<div style="border: 0px; font: inherit; margin-bottom: 20px; padding: 0px; vertical-align: baseline;">
<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">6. Know your zoning</strong>. Commercial real estate comes with a lot of nuance when it comes to commercial use and zoning. In order to effectively serve your clients you’ll need to be up to date. Talk to your local zoning officer about individual properties and any upcoming changes.</div>
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<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">7. Embrace commercial real estate marketing technologies</strong>. Listen or download podcasts about the latest in what’s happening in the commercial real estate market at <strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><a href="http://www.realtor.org/commercial" style="-webkit-tap-highlight-color: rgb(255, 94, 153); border: 0px; color: #006aa8; font: inherit; margin: 0px; padding: 0px; text-decoration-line: none; transition: background-color 0s ease 0s, color 0.2s linear 0s; vertical-align: baseline;" target="_blank">REALTOR.org/commercial</a></strong> or find helpful marketing tips, articles and resources on NAR’s Commercial Blog, <a href="http://blog.commercialsource.com/" style="-webkit-tap-highlight-color: rgb(255, 94, 153); border: 0px; color: #006aa8; font: inherit; margin: 0px; padding: 0px; text-decoration-line: none; transition: background-color 0s ease 0s, color 0.2s linear 0s; vertical-align: baseline;" target="_blank">blog.commercialsource.com</a>. Looking for where to post listings? Many commercial real estate listings don’t use MLS. NAR recently announced a new partnership with <a href="http://www.commercialsearch.com/" style="-webkit-tap-highlight-color: rgb(255, 94, 153); border: 0px; color: #006aa8; font: inherit; margin: 0px; padding: 0px; text-decoration-line: none; transition: background-color 0s ease 0s, color 0.2s linear 0s; vertical-align: baseline;">Xceligent</a>, Inc. that will provide a suite of commercial real estate information services and preferred pricing exclusively for members through NAR’s REALTOR Benefits® Program. To learn more about this exciting new member benefit, please visit <a href="http://www.commercialsearch.com/" style="-webkit-tap-highlight-color: rgb(255, 94, 153); border: 0px; color: #006aa8; font: inherit; margin: 0px; padding: 0px; text-decoration-line: none; transition: background-color 0s ease 0s, color 0.2s linear 0s; vertical-align: baseline;">www.commercialsearch.com</a></div>
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<strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; font-family: inherit; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><em style="border: 0px; font-family: georgia; font-size: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Have you made the transition from selling residential homes to selling commercial real estate? Leave your tips in the comments.</em></strong></strong></div>
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**rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-44638660710816648092018-10-15T05:17:00.000-07:002018-10-15T05:17:32.507-07:00Getting Started in Commercial Real Estate<br />
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Getting Started in Commercial Real Estate</h1>
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Thinking of branching out into the commercial sector? Learn what it takes to get started and what kind of income potential awaits you.</h4>
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<span class="date-display-single" content="2007-01-01T00:00:00-06:00" datatype="xsd:dateTime" property="dc:date" style="box-sizing: inherit;">January 1, 2007</span></div>
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<span class="field-label" style="box-sizing: inherit;">by</span> <span class="field-items" style="box-sizing: inherit;"><span class="field-item even" style="box-sizing: inherit;"><a href="https://magazine.realtor/author/cindy-s-chandler" style="box-sizing: inherit; color: #73726c; outline-offset: 0.125em; text-decoration-line: none;">Cindy S. Chandler</a></span></span></div>
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<em style="box-sizing: inherit;">Excerpted from </em>The Insider's Guide to Commercial Real Estate<em style="box-sizing: inherit;"> (Dearborn Real Estate Education). This excerpt is taken from Chapter 1, "Getting Started." </em></div>
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“Why do you want to be in commercial real estate?” That’s the first question I ask of those who come to me for advice. The advice I give them is directly related to their answer to my “why” question.</div>
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But let’s start with the one thing everyone has in mind: the money. Do you make more money on commercial real estate than on residential? Let’s try some math, as seen in the following example:</div>
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<strong style="box-sizing: inherit;">A Sample Residential Transaction:</strong><br style="box-sizing: inherit;" />Agent sells $275,000 home.<br style="box-sizing: inherit;" />Agent co-brokers it with another firm. (The other firm is the listing firm.)<br style="box-sizing: inherit;" />Agent’s firm gets 3%.<br style="box-sizing: inherit;" />Agent gets 65% of his or her firm’s share.<br style="box-sizing: inherit;" />Agent’s commission = $5,362.50.</div>
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<strong style="box-sizing: inherit;">A Sample Commercial Transaction:</strong><br style="box-sizing: inherit;" />Agent leases 7,500 square feet of space with a 3-year lease at $12 per square foot.<br style="box-sizing: inherit;" />Agent co-brokers it with another firm.<br style="box-sizing: inherit;" />Agent’s firm gets 3%.<br style="box-sizing: inherit;" />Agent gets 65%.<br style="box-sizing: inherit;" />Agent’s commission = $5,265.00.</div>
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What about selling a $50,000,000 mall? Likely, you won’t be doing any of those types of transactions right away, if ever! In any case, even though you can make a lot of money on big deals, they take much longer to put together.</div>
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While most residential transactions usually close within one or two months of signing the contract, commercial deals do not. Even the 7,500-square-foot lease in the example above could have taken as long as six months or more to get done and paid. Then again, it may have closed in a few weeks.</div>
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The shopping center example above illustrates that while it can be frustrating and somewhat risky, commercial real estate can also be very satisfying when a deal finally goes right. Another advantage to the commercial field is its variety.</div>
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Career Options</h4>
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For many years, I taught the real estate courses needed to obtain a state real estate license. While most who enrolled thought they would sell homes — either new construction or general brokerage — many were encouraged to try commercial real estate when they saw all of the career opportunities in it. Let’s look at some of those opportunities.</div>
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<strong style="box-sizing: inherit;">General Brokerage.</strong> Commercial agents can represent buyers or sellers, assisting with the sale of a commercial property. These agents are typically independent contractors, not employees of a company, and work on commission. Depending upon the size and depth of the market, an agent may specialize in a certain product type (retail, office, industrial, investment — such as apartment complex brokerage) or a certain geographical market.</div>
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<strong style="box-sizing: inherit;">Development.</strong> An agent can work in several areas, such as actual development, project management, and leasing. The development staff purchases land and builds something on it — a shopping center or office building. The developer arranges financing, negotiates the “anchor” tenant leases, hires the architects, contractors, etc., and supervises the process until it is completed and the tenants move in.</div>
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<strong style="box-sizing: inherit;">Property Management.</strong> Once a property is purchased or developed, it needs to be managed. The property manager handles the day-to-day operations of a property — staffing, contracting for services, repairs, maintenance, etc. Individuals employed by property management firms are usually paid a salary.</div>
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What to Expect</h4>
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What can a person expect as far as compensation, hours, and so on, as a commercial real estate broker? It depends. The 2006 NATIONAL ASSOCIATION OF REALTORS® Commercial Member Profile had the following findings based upon its 2005 random sampling of 25,000 REALTORS® with an interest in commercial real estate:</div>
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<li style="box-sizing: inherit; padding-left: 0.25em; position: relative;">Slightly more than half of the respondents had an annual gross income of $75,000 to $249,000 in 2004, while 5 percent had an annual gross income of $500,000 or more.</li>
<li style="box-sizing: inherit; margin-top: 10px; padding-left: 0.25em; position: relative;">Selling commercial property generated more income than leasing. More than half reported a volume of over $2 million.</li>
<li style="box-sizing: inherit; margin-top: 10px; padding-left: 0.25em; position: relative;">Half have been involved only in commercial real estate for 16 years or more, whereas 42 percent of all REALTORS® have fewer than 5 years of experience.</li>
<li style="box-sizing: inherit; margin-top: 10px; padding-left: 0.25em; position: relative;">A little over half work for a firm that is exclusively commercial oriented. About 25 percent work in an office with a mix of residential and commercial.</li>
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Taking the First Steps</h4>
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Let’s say that you are a successful residential real estate agent looking to change careers. You are not sure in which area of commercial real estate you’d do best. You have business experience and you know people. (We’ll call these folks your “sphere of influence.”) What should you do?</div>
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<strong style="box-sizing: inherit;">Step 1.</strong> List everyone you know in commercial real estate.</div>
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<strong style="box-sizing: inherit;">Step 2.</strong> Call all of your relatives and closest friends and list everyone they know in commercial real estate.</div>
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<strong style="box-sizing: inherit;">Step 3.</strong> Start calling. Call first those from your list you feel will give you some time. Ask for only 15 minutes of their time. Explain that you are gathering information only, not seeking a position at this time.</div>
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<strong style="box-sizing: inherit;">Step 4.</strong> Conduct the interview. During the interview, ask the real estate professional how he or she got started and what advice they would give a newcomer. Ask for a brief overview of their business and their industry, and ask if you can borrow or have some industry publications, usually found in their reception area or office library. Before you leave, ask for two or three names of other commercial real estate people you should talk to.</div>
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<strong style="box-sizing: inherit;">Step 5.</strong> Narrow your search and research further. When you think you have narrowed your search, go to the industry-specific Web sites and do some research. Read their publications and get to know the jargon, types of projects, and key players. Also, attend as many commercial real estate classes as you can. Not only will you learn, you will probably make your best contacts there.</div>
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<strong style="box-sizing: inherit;">Step 6.</strong> Know the details about employment. Get an idea of compensation structure. Some positions are commission only; some may be draw against commission; some may be salary. Decide what you can live with and what you can’t.</div>
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<strong style="box-sizing: inherit;">Step 7.</strong> Begin the interview process. You are now ready for serious interviewing. Narrow your final choices down to no more than five. Just as with commercial properties, commercial professionals don’t like to have our candidates “shopped.”</div>
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<strong style="box-sizing: inherit;">Step 8.</strong> Get the job. Call back your contact person for another meeting. Explain that you have talked with many professionals, have narrowed it down to XYZ field (retail, office, etc.), have visited some of their deals or listings, and have some specific questions. When you meet, ask your questions, share what you have learned, and ask what opportunities his or her company has. Keep in mind that most commercial firms don’t have “openings” but create slots depending upon need or opportunity. Explain what you can bring to the table. Remember that the company is interested only in what it will be gaining, not what you will. Don’t spend too much time talking about your wants, needs, and desires unless specifically asked, and then keep your reply brief.</div>
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<a href="https://magazine.realtor/author/cindy-s-chandler" style="background-color: transparent; box-sizing: inherit; color: #231b18; outline-offset: 0.125em; text-decoration-line: none;">Cindy S. Chandler</a></h3>
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Cindy S. Chandler, CCIM, CRE is the author of <em style="box-sizing: inherit;">The Insider's Guide to Commercial Real Estate</em> (Dearborn Real Estate Education) in which she demystifies the language, culture, and math of commercial real estate.</div>
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**rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-13016380459616307702018-10-15T04:57:00.002-07:002018-10-15T05:10:44.611-07:00COMPARING COMMERCIAL AND RESIDENTIAL REAL ESTATE<ul style="background-color: white; box-sizing: border-box; font-family: open-sans, sans-serif; font-size: 16px; margin-bottom: 10px; margin-top: 0px; padding: 0px 0px 0px 25px;">
<li style="box-sizing: border-box; font-size: 20px; margin-bottom: 20px;"><span style="box-sizing: border-box; font-weight: 700;">Commercial real estate is business-focused.</span> It involves property that is sold, leased, or used to achieve a predetermined <b><span style="color: blue;">business objective</span></b>. It’s used as an investment to achieve an anticipated <b><span style="color: blue;">rate of return</span></b> on the funds invested.</li>
</ul>
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<li style="box-sizing: border-box; font-size: 20px; margin-bottom: 20px;"><span style="box-sizing: border-box; font-weight: 700;">Residential real estate revolves around the wants and needs of a homeowner and his family.</span> It involves property purchased for individual use, most often to provide housing for families.</li>
</ul>
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The selling process for commercial real estate hinges on <b><span style="color: blue;">numbers </span></b>and <b><span style="color: blue;">return-on-investment calculations</span></b>. Residential real estate is nowhere near so cut-and-dried because it’s more of an emotional purchase. Many buyers make decisions based on the fact that the house just feels right to them. The key factor is the return on investment.</div>
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<li style="box-sizing: border-box; font-size: 20px; margin-bottom: 20px;"><span style="box-sizing: border-box; font-weight: 700;">Working exclusively for a builder of new homes, usually by serving as the on-site salesperson for a new home community.</span> In this role, the agent sells only the builder’s homes. If buyers need to sell an existing home outside of that community, usually another agent handles that sale.</li>
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<li style="box-sizing: border-box; font-size: 20px; margin-bottom: 20px;"><span style="box-sizing: border-box; font-weight: 700;">Representing residential real estate investors who are looking to increase wealth through the ownership of homes, duplexes, triplexes, and fourplexes.</span> <b><span style="color: blue;">Small-scale multiplexes are handled by residential rather than commercial agents for the following two reasons:</span></b></li>
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<b><span style="color: blue;">• Often the purchaser lives in one segment of the multiplex, creating a residence as well as an investment property.</span></b></div>
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<b><span style="color: blue;">• Usually a purchaser can buy up to a fourplex with a conventional mortgage.</span></b></div>
<ul style="background-color: white; box-sizing: border-box; font-family: open-sans, sans-serif; font-size: 16px; margin-bottom: 10px; margin-top: 0px; padding: 0px 0px 0px 25px;">Residential agents <b><span style="color: magenta;">rarely represent buyers or sellers of multiplexes with more than four dwelling units</span></b>. Purchasers of <span style="color: magenta;"><b>larger complexes must qualify for and secure commercial real estate loans — which involve a more restrictive set of conditions, including higher interest rates, shorter amortization schedules, and considerably higher initial equity positions or down payments.</b></span></ul>
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WHAT IS COMMERCIAL REAL ESTATE?</h3>
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Commercial real estate centers on <b>business </b>or <b>investment use of real estate</b>.</div>
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In commercial real estate, you can <b><span style="color: blue;">buy, sell, lease as a <i style="box-sizing: border-box;">lessor</i> (the person who owns the property for lease)</span></b>, <b><span style="color: magenta;">lease as a <i style="box-sizing: border-box;">lessee</i> (the person who’s trying to lease the property for their use)</span></b>, <b><span style="color: blue;">syndicate, joint venture, develop, option, and invest in a wide range of commercial real estate categories, including retail, office, industrial, apartments, investments, and raw-land leasing</span></b>.</div>
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Commercial real estate agents are usually familiar with many of the commercial real estate areas, but they generally <b><span style="color: purple;">specialize in one of the following areas or disciplines:</span></b></div>
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<li style="box-sizing: border-box; font-size: 20px; margin-bottom: 20px;"><b>Representing tenants</b> or lessees by finding, selecting, and negotiating new space for client businesses.</li>
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<li style="box-sizing: border-box; font-size: 20px; margin-bottom: 20px;"><b>Representing building owners</b> or lessors by working to lease out building space for the highest possible price and with the most favorable terms. Frequently a commercial agent represents one owner or even one building exclusively in order to ensure the building is leased to capacity.</li>
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<li style="box-sizing: border-box; font-size: 20px; margin-bottom: 20px;"><b>Representing investors</b> who want to <b>buy and sell commercial property</b> by finding opportunities that offer the <b>lowest risk</b> to the client, the <b>best return</b> on investment, and the <b><span style="color: blue;">best </span></b><i style="box-sizing: border-box;"><b><span style="color: blue;">capitalization rate</span></b>,</i> which is the <b><span style="color: blue;">net operating income</span></b> of the property <b><span style="color: blue;">divided by the sales price</span></b> or value of the property.</li>
</ul>
**rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-90945035454851115672018-10-15T04:55:00.000-07:002018-10-15T04:55:21.142-07:00What Is The Difference Between Residential And Commercial Real Estate Agents?<br />
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<span style="background-color: white; color: #444444; font-family: "Open Sans"; font-size: 18px;">What is the difference between residential and commercial, you ask? The answer is simple: the difference lies with the <b>property-type</b>, the typical <b>commission </b>amount earned upon closing a transaction, the <b>education </b>required to understand and succeed in that particular field, and the work <b>culture </b>of the overall environment. A typical commercial real estate career will consist of negotiating properties such as <b>office buildings, hospitals, entire apartment complexes,</b> and <b>malls</b>. Whereas, an agent that is involved in a residential real estate career will focus on residential real estate such as houses and condominiums- property used for residential use, whether it be a single family type or multi family type such as a duplex or triplex.</span><br />
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<span style="background-color: white; font-family: "Open Sans"; font-size: 18px;"><span style="color: #444444;">Commercial real estate is focused in </span><b style="color: #444444;">return on investment</b><span style="color: #444444;">, therefore it is a lot </span><b style="color: #444444;">less emotional</b><span style="color: #444444;"> and </span><b style="color: #444444;">relies more on hard numbers</b><span style="color: #444444;">. Some of the important questions in commercial real estate are “what the </span><b style="color: #444444;">cap rate</b><span style="color: #444444;">?”, “what is the </span><b style="color: #444444;">monthly ROI</b><span style="color: #444444;"> (return-on-investment)?”, and “what is the </span><b style="color: #444444;">payoff schedule?</b><span style="color: #444444;">” There’s a much greater risk but often a greater possibility of a larger financial reward. You must be </span><b style="color: #444444;">more adept at calculations</b><span style="color: #444444;"> and realize that customers are not looking for “their dream home” but more at a </span><b style="color: #444444;">good investment vs. a bad one</b><span style="color: #444444;">. There is typically </span><b><span style="color: blue;">less of a turnover rate on a commercial sale since investors tend to hold on to their buildings for many times longer than people usually stay in their homes</span></b><span style="color: #444444;">. Your </span><b><span style="color: purple;">commissions may be ten times as large, but they definitely don’t come as frequently</span></b><span style="color: #444444;">. For this reason, it’s important to save lots of money for living expenses — even more so than a residential agent — and be able to weather the storm if nothing sells within a year or more.</span></span><br />
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<span style="color: #444444;">Being in commercial real estate is a </span><b><span style="color: #444444;">much more corporate and </span><span style="color: blue;">data-driven</span><span style="color: #444444;"> environment than residential</span></b><span style="color: #444444;">. While residential agents might reach out to buyers through a cute social media post, commercial agents are much more likely to <b>formally present data and numbers to their clients</b>, rather than show them pictures of rooms or backyards. Commercial clients expect agents to be ready with <b>cap rates, gross rent multipliers</b>, and more – all things that a residential agent would never really deal with.</span></div>
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Residential sales can be a much “softer” market in the sense that people purchase with emotions in mind, and people need homes to live in by a certain time frame. A commercial investor is not as concerned with moving in by the end of summer, or falling in love with a dream kitchen – they are thinking in terms of <b>numbers </b>and <b>rent schedules</b> and <b>insurance rates</b> more than anything else!</div>
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To sum it up, commercial agents <b>need to have all the data</b>, and must be <b>patient</b>, <b>confident</b>, and <b>persistent </b>to succeed in the competitive field that is commercial real estate.</div>
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**rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-9341585153118274142018-06-17T11:00:00.000-07:002018-06-17T11:08:33.507-07:00Saratoga House with HUGE LOT SIZE and Self-Contained Extra Unit in Backyard<br />
<a href="https://sfbay.craigslist.org/sby/reb/d/18529-aspesi-drive/6619442055.html" target="_blank">Saratoga House</a> with HUGE LOT SIZE and Self-Contained Extra Unit in Backyard<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWTFXNGgdyieUfSYjcPRcJy1LqrJmhQsfiCBUVVGJKZ-OZGjL5PPK5eO78gZrij66Ar7XhZ0QKfYkKvuU6MY8ak7L8fxOj4PTxfDs-Ini6Ko4eIPVSUCGoV_gff61-fK7vlusC1SW1Rugz/s1600/PF+18529+ASPESI+ROBERT+v2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1237" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWTFXNGgdyieUfSYjcPRcJy1LqrJmhQsfiCBUVVGJKZ-OZGjL5PPK5eO78gZrij66Ar7XhZ0QKfYkKvuU6MY8ak7L8fxOj4PTxfDs-Ini6Ko4eIPVSUCGoV_gff61-fK7vlusC1SW1Rugz/s640/PF+18529+ASPESI+ROBERT+v2.jpg" width="494" /></a></div>
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https://sfbay.craigslist.org/sby/reb/d/18529-aspesi-drive/6619442055.html<br />
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<span style="background-color: white; color: #222222; font-family: "bitstream vera serif" , "times new roman" , serif;">Welcome to <a href="https://sfbay.craigslist.org/sby/reb/d/18529-aspesi-drive/6619442055.html" target="_blank">18529 Aspesi Drive</a> - This wonderful 3 Bedroom, 3 Bath Ranch Style Home has gleaming hardwood floors, Formal Living Room with Wood-Burning Fireplace, Beautifully Updated Kitchen with Viking Stove! Central Heating / Cooling, Family Room, and More. Additional 1 bedroom, 1 bath, attached dwelling unit with full kitchen and its own heating and cooling with separate entrance! . Great for guests, in-laws or adult children! Would make a great rental also! Spacious Backyard with pool and built in BBQ. Great for Outdoor Entertaining! Seller installed water filtration and purification system. Minutes From Downtown Los Gatos, and Saratoga. Close to Local YMCA. Easy Access to Highway 9, Lawrence Expressway, 85, 280. Great schools. Marshall Lane Elementary, Rolling Hills Middle, Westmont High.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaDPRZw5i_SBgxKk0C2bFADrooCHhLLI-I4KXublhz4WCbvhvxXB10L0vzvX_Zge13FcTGY7cSYLi1iIhxd1gJrFps0KLTqlmmSJG0cJer70hMZn1JBXCTjvgn3_PT-DJdgwzLJ8l4fy-M/s1600/PF+18529+ASPESI+ROBERT+v22.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1237" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaDPRZw5i_SBgxKk0C2bFADrooCHhLLI-I4KXublhz4WCbvhvxXB10L0vzvX_Zge13FcTGY7cSYLi1iIhxd1gJrFps0KLTqlmmSJG0cJer70hMZn1JBXCTjvgn3_PT-DJdgwzLJ8l4fy-M/s1600/PF+18529+ASPESI+ROBERT+v22.jpg" /></a></div>
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<span style="background-color: white; color: #222222; font-family: "bitstream vera serif" , "times new roman" , serif;"><br /></span>rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-43207177649824132302018-05-24T11:13:00.000-07:002018-05-24T11:22:55.122-07:00Santa Clara County Median Price for Condos Continues Rising 2018 AprilFor Santa Clara County, the <b><u>median</u> </b>price for <b><u>condos</u> </b>was <u><b>up 28.9%, year-over-year</b>, to <b>$915,444</b></u>.
This is the second month in a row
the median price for condos has set
new highs. Notably, the <u>median</u>
price for <u>condos</u> has been <u>higher
than the year before every month
since July of 2011</u>!
The <b><u>median</u> </b>price for <b><u>single-family,
re-sale homes</u></b> <u>stayed at the high it
set in March</u>. The <b><u>median</u> </b>price for
<u>homes</u> <u><b>rose 22.1% over last April</b> to
<b>$1,450,000</b></u>.
The <b><u>median</u> </b>price for <u>homes</u> has
been <u>higher than the year before by
double-digits <b>ten </b>months in a row</u>.
The <b><u>average</u> </b>price was <u>up by
double-digits for the <b>ninth
</b>consecutive month</u>.<br />
<br />
This is also the <u><b>74th month in a row</b>
the <b>median </b>price has been <b>higher
</b>than the year before</u>.
The <b><u>average</u> </b>price for <b><u>homes</u> </b>was
<u><b>up 20.0%, year-over-year</b>, to
<b>$1,722,370</b></u>.
The <b><u>average</u> </b>price for <u>condos</u> was
<b><u>up 24.5% over last April</u></b>.
Multiple offers continue to be the
norm. The sales price to list price
ratio, or what buyers are paying
over what sellers are asking
remains at triple digits: <b>112.4%</b> for
<b>homes </b>and <b>114.8%</b> for <b>condos</b>.
The ratio has been <b>over 100% for
homes since March 2012</b> and <b>for
condos since April 2012.</b><br />
<br />
Homes and condos are flying off the
shelf. It is taking <b><u>only fifteen days to
sell a home, on average</u></b>. <u><b>Condos
</b>are taking <b>nine days</b></u>.
All this is due to an incredible <b>lack
of inventory</b>. Since January 2000,
Santa Clara County has averaged
94 days of inventory. Last month it
was <b>twenty-three</b>.
Condos have averaged 87 days
since 2000. Last month it was
<b>seventeen</b>.
As of May 7th, there were 753
homes and 229 condos for sale in
Santa Clara County.
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<br />rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-61969485687996577762018-05-17T17:05:00.001-07:002018-05-17T17:06:43.539-07:00Notes on Various Mortgage Loan Products (as of 4/25/2018)FHA vs. FHA-GSFA (Cal HF) vs. FHA-203k<br />
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All 3 FHA programs require Mortgage Insurance of 1.75% up-front plus a monthly MI premium, which varies.<br />
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FHA & FHA 203k have these features in common:<br />
--Non-occupant Co-Borrower is allowed with 3.5% down.<br />
--Don't have to be 1st time homebuyer.<br />
--100% gift allowed.<br />
--ratios up to 57%<br />
--max loan amount $679,650.<br />
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FHA GSFA is different from the FHA & FHA 203k in that GSFA has these aspects:<br />
--Must be 1st time homebuyer (1st time actually means not on title for at least the past 3yrs)<br />
--Zero-down (100% financing) is available<br />
--Income cannot be over 115% of Adjusted Median Income (AMI) for that county<br />
--Max loan amount depends on the county<br />
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<br />rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-40636801667298878392018-05-17T12:02:00.000-07:002018-05-17T12:13:24.076-07:00California Proposition 13 Tax Transfer Initiative (2018), (aka Property Tax Fairness Initiative)<br />
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<span dir="auto" style="box-sizing: border-box;">California Proposition 13 Tax Transfer Initiative (2018)</span></h1>
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<tr style="box-sizing: border-box;"><th colspan="2" style="background-color: #2b2b2b; border: 0px; box-shadow: rgb(160, 160, 160) 0px 2px 5px; box-sizing: border-box; color: white; font-size: 20.8px; font-weight: bold; padding-bottom: 0.28em; padding-top: 0.28em; text-align: center; vertical-align: top;">California Proposition 13 Tax Transfer Initiative</th></tr>
<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; padding-bottom: 10px; padding-top: 10px; vertical-align: top;"><a href="https://ballotpedia.org/List_of_California_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="List of California ballot measures"><img alt="Flag of California.png" data-file-height="533" data-file-width="800" height="108" src="https://ballotpedia.s3.amazonaws.com/images/thumb/6/65/Flag_of_California.png/162px-Flag_of_California.png?AWSAccessKeyId=AKIAJYSMGSWZEGREQP4Q&Expires=1527185218&Signature=YFqzwf4jbnunTD%2BI%2FtRWtvF%2Fn8Y%3D" srcset="https://ballotpedia.s3.amazonaws.com/images/thumb/6/65/Flag_of_California.png/243px-Flag_of_California.png?AWSAccessKeyId=AKIAJYSMGSWZEGREQP4Q&Expires=1527185218&Signature=x%2BPj2olDO0vw2xMTteVAwCnbxEI%3D 1.5x, https://ballotpedia.s3.amazonaws.com/images/thumb/6/65/Flag_of_California.png/324px-Flag_of_California.png?AWSAccessKeyId=AKIAJYSMGSWZEGREQP4Q&Expires=1527185218&Signature=AFDU57oRApG4NoZxOIEvrC3aQ84%3D 2x" style="border: none; box-sizing: border-box; height: auto !important; max-width: 100%; vertical-align: middle;" width="162" /></a></td></tr>
<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; text-align: center; vertical-align: top;"><span style="box-sizing: border-box; font-size: 18.4px;"><b style="box-sizing: border-box; font-weight: 700;">Election date</b></span><br />
<a class="mw-redirect" href="https://ballotpedia.org/California_2018_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California 2018 ballot measures">November 6, 2018</a></td></tr>
<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; text-align: center; vertical-align: top;"><span style="box-sizing: border-box; font-size: 18.4px;"><b style="box-sizing: border-box; font-weight: 700;">Topic</b></span><br />
<a href="https://ballotpedia.org/Taxes_on_the_ballot" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Taxes on the ballot">Taxes</a> and <a href="https://ballotpedia.org/Property_on_the_ballot" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Property on the ballot">Property</a></td></tr>
<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; text-align: center; vertical-align: top;"><span style="box-sizing: border-box; font-size: 18.4px;"><b style="box-sizing: border-box; font-weight: 700;">Status</b></span><br />
<i style="box-sizing: border-box;">Qualified for the ballot</i></td></tr>
<tr style="box-sizing: border-box;"><td style="border: 0px; box-sizing: border-box; padding-bottom: 0.5em; padding-top: 0.5em; text-align: center; vertical-align: top;"><span style="box-sizing: border-box; font-size: 16px;"><b style="box-sizing: border-box; font-weight: 700;">Type</b></span><br />
<a href="https://ballotpedia.org/Combined_initiated_constitutional_amendment_and_state_statute" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Combined initiated constitutional amendment and state statute">Amendment <br style="box-sizing: border-box;" />& Statute</a></td><td style="border: 0px; box-sizing: border-box; padding-bottom: 0.5em; padding-top: 0.5em; text-align: center; vertical-align: top;"><span style="box-sizing: border-box; font-size: 16px;"><b style="box-sizing: border-box; font-weight: 700;">Origin</b></span><br />
<a href="https://ballotpedia.org/Combined_initiated_constitutional_amendment_and_state_statute" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Combined initiated constitutional amendment and state statute">Citizens</a></td></tr>
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The <b style="box-sizing: border-box; font-weight: 700;">California Proposition 13 Tax Transfer Initiative</b> has qualified to appear on the <a href="https://ballotpedia.org/California_2018_ballot_propositions" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California 2018 ballot propositions">ballot</a> in <a href="https://ballotpedia.org/California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California">California</a> as a <a href="https://ballotpedia.org/Combined_initiated_constitutional_amendment_and_state_statute" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Combined initiated constitutional amendment and state statute">combined initiated constitutional amendment and state statute</a> on <a href="https://ballotpedia.org/California_2018_ballot_propositions" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California 2018 ballot propositions">November 6, 2018</a>.<sup class="reference" id="cite_ref-initiative_1-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-initiative-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[1]</a></sup></div>
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<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;"></td><td style="box-sizing: border-box; padding: 0.1em 0.3em; width: 660px;">A <b style="box-sizing: border-box; font-weight: 700;">"yes"</b> vote supports amending <a class="mw-redirect" href="https://ballotpedia.org/California_Proposition_13_(1978)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 13 (1978)">Proposition 13</a> (<a href="https://ballotpedia.org/California_1978_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California 1978 ballot measures">1978</a>) to allow homebuyers who are age 55 or older or severely disabled to transfer their tax assessments, with a possible adjustment, from their prior home to their new home, no matter (a) the new home's market value; (b) the new home's location in the state; or (c) the buyer's number of moves.</td></tr>
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<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;"></td><td style="box-sizing: border-box; padding: 0.1em 0.3em; width: 660px;">A <b style="box-sizing: border-box; font-weight: 700;">"no"</b> vote opposes amending <a class="mw-redirect" href="https://ballotpedia.org/California_Proposition_13_(1978)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 13 (1978)">Proposition 13</a> (<a href="https://ballotpedia.org/California_1978_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California 1978 ballot measures">1978</a>) to change how tax assessments are transferred between properties for homebuyers who are age 55 or older or severely disabled.</td></tr>
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<b style="box-sizing: border-box; font-weight: 700;">On May 17, 2018, the <a href="https://ballotpedia.org/California_Secretary_of_State" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Secretary of State">secretary of state</a> announced that enough signatures had been verified for the initiative to be placed on the ballot for the general election on November 6, 2018.</b></div>
<h2 style="background-color: #f4f4f4; border-left: 5px solid rgb(50, 56, 61); box-sizing: border-box; color: inherit; font-family: inherit; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding: 10px;">
<span class="mw-headline" id="Overview" style="box-sizing: border-box;">Overview</span></h2>
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<span style="box-sizing: border-box; font-size: 19.2px;"><b style="box-sizing: border-box; font-weight: 700;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#Text_of_measure" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">What changes would this ballot initiative make to state law?</a></b></span></div>
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The measure would amend <a class="mw-redirect" href="https://ballotpedia.org/California_Proposition_13_(1978)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 13 (1978)">Proposition 13</a> (<a href="https://ballotpedia.org/California_1978_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California 1978 ballot measures">1978</a>) to allow homebuyers who are age 55 or older or severely disabled to transfer the tax-assessed value from their prior home to their new home, no matter (a) the new home's market value; (b) the new home's location in the state; or (c) the number of moves.<sup class="reference" id="cite_ref-initiative_1-1" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-initiative-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[1]</a></sup> As of 2018, homebuyers over 55 years of age were eligible to transfer their tax assessments from their prior home to their new home if the new home's market value is equal to or less than the prior home's value and once in their lifetimes. Furthermore, counties, not the state, decide whether tax assessments can be transferred across county lines.<sup class="reference" id="cite_ref-cla_2-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-cla-2" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[2]</a></sup></div>
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If the new home is a different value than the prior home, the initiative would allow for an adjusted value between the old and new values.<sup class="reference" id="cite_ref-initiative_1-2" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-initiative-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[1]</a></sup> If the new home has a higher market value then the prior home, the assessed value would be adjusted upward. If the new home has a lower market value then the prior home, the assessed value would be adjusted downward. The formulas for the adjustments would as follows:<sup class="reference" id="cite_ref-cla_2-1" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-cla-2" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[2]</a></sup></div>
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<b style="box-sizing: border-box; font-weight: 700;">Upward adjustment</b>: (assessed value of their prior home) + [(the new home’s market value) - (the prior home's market value)]</div>
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;"><span style="box-sizing: border-box; font-size: 12.8px;">Example: An individual sold her house for $500,000. The house had a tax-assessed value of $75,000. She bought a new house for $800,000. The tax-assessed value of the new house would be ($75,000) + [($800,000)-($500,000)] = $375,000.</span></dd></dl>
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<b style="box-sizing: border-box; font-weight: 700;">Downward adjustment</b>: (assessed value of their prior home) × [(the new home’s market value) ÷ (the prior home's market value)]</div>
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;"><span style="box-sizing: border-box; font-size: 12.8px;">Example: An individual sold his house for $500,000. The house had a tax-assessed value of $75,000. He bought a new house for $300,000. The tax-assessed value of the new house would be ($75,000) × [($300,000) ÷ ($500,000)] = $45,000.</span></dd></dl>
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<span style="box-sizing: border-box; font-size: 19.2px;"><b style="box-sizing: border-box; font-weight: 700;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#Background" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">What does Proposition 13 have to do with this ballot initiative?</a></b></span></div>
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<a href="https://ballotpedia.org/California_Proposition_13,_Tax_Limitations_Initiative_(1978)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 13, Tax Limitations Initiative (1978)">California Proposition 13</a>, the <a href="https://ballotpedia.org/California_Proposition_13,_Tax_Limitations_Initiative_(1978)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 13, Tax Limitations Initiative (1978)">Tax Limitations Initiative</a>, was on the ballot for the election on <a href="https://ballotpedia.org/California_1978_ballot_propositions#June_6" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California 1978 ballot propositions">June 6, 1978</a>. Voters approved Proposition 13. Proposition 13 required that properties be taxed at no more than 1 percent of their full cash value shown on the 1975-1976 assessment rolls and limited annual increases of assessed (taxable) value to the inflation rate or 2 percent, whichever was less. When a property is sold or transferred to new owners, however, the property is reassessed at 1 percent of its full cash value and the limit on increases to assessed value resets.<sup class="reference" id="cite_ref-guide13_3-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-guide13-3" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[3]</a></sup></div>
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In 1986, voters approved <a href="https://ballotpedia.org/California_Proposition_60,_Property_Tax_Assessments_for_Older_Homeowners_(1986)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 60, Property Tax Assessments for Older Homeowners (1986)">Proposition 60</a>, which amended Proposition 13 to allow homeowners over the age of 55 to transfer the taxable value of their present home to a replacement home, assuming the replacement home was of equal or lesser value, located within the same county, and purchased within two years of selling the original home.<sup class="reference" id="cite_ref-guide86_4-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-guide86-4" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[4]</a></sup> Proposition 13 was again amended in 1988 when voters approved <a href="https://ballotpedia.org/California_Proposition_90,_Assessed_Valuation_of_Replacement_Dwellings_(1988)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 90, Assessed Valuation of Replacement Dwellings (1988)">Proposition 90</a>, which allowed qualified homeowners age 55 or older to transfer the current taxable value of their original home to a replacement home in another county, but only if the county in which the replacement home is located agrees to participate in the program.<sup class="reference" id="cite_ref-guide88_5-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-guide88-5" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[5]</a></sup></div>
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<span style="box-sizing: border-box; font-size: 19.2px;"><b style="box-sizing: border-box; font-weight: 700;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#Campaign_finance" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">Who is contributing to the campaigns surrounding this initiative?</a></b></span></div>
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As of May 12, 2018, there was one ballot measure committee registered in support of the measure—<a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#Support" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">Homeownership for Families and Tax Savings for Seniors</a>. The campaign had raised $7.20 million, with 58 percent from the <a href="https://ballotpedia.org/California_Association_of_Realtors" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Association of Realtors">California Association of Realtors Issues Mobilization PAC</a> and 42 percent from the National Associaton of Realtors. As of May 12, 2018, there was no committees registered to oppose the initiative.<sup class="reference" id="cite_ref-finance_6-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-finance-6" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[6]</a></sup></div>
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<span class="mw-headline" id="Text_of_measure" style="box-sizing: border-box;">Text of measure</span></h2>
<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Ballot_title" style="box-sizing: border-box;">Ballot title</span></h3>
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The official ballot title is as follows:<sup class="reference" id="cite_ref-sos_7-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-sos-7" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[7]</a></sup></div>
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<table style="background-color: transparent; border-collapse: collapse; border-spacing: 0px; border: none; box-sizing: border-box; float: none !important; max-width: 100%;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 3px; text-align: left;" valign="top" width="20">“</td><td style="border: none; box-sizing: border-box; padding: 4px 10px;" valign="top">Changes Requirements for Certain Property Owners to Transfer Their Property Tax Base to Replacement Property. Initiative Constitutional Amendment and Statute.<sup class="reference" id="cite_ref-quotedisclaimer_8-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-quotedisclaimer-8" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[8]</a></sup></td><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 1px; text-align: right;" valign="bottom" width="20">”</td></tr>
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<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Petition_summary" style="box-sizing: border-box;">Petition summary</span></h3>
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The summary provided for inclusion on signature petition sheets is as follows:<sup class="reference" id="cite_ref-sos_7-1" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-sos-7" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[7]</a></sup></div>
<div class="scrollable-table-container" style="box-sizing: border-box; display: block; max-width: 100%; overflow-x: auto; width: 863px;">
<table style="background-color: transparent; border-collapse: collapse; border-spacing: 0px; border: none; box-sizing: border-box; float: none !important; max-width: 100%;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 3px; text-align: left;" valign="top" width="20">“</td><td style="border: none; box-sizing: border-box; padding: 4px 10px;" valign="top">Removes the following current requirements for homeowners who are over 55 years old or severely disabled to transfer their property tax base to a replacement residence: that replacement property be of equal or lesser value, replacement residence be in specific county, and the transfer occur only once. Removes similar replacement-value and location requirements on transfers for contaminated or disaster-destroyed property. Requires adjustments to the replacement property’s tax base, based on the new property’s value.<sup class="reference" id="cite_ref-quotedisclaimer_8-1" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-quotedisclaimer-8" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[8]</a></sup></td><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 1px; text-align: right;" valign="bottom" width="20">”</td></tr>
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<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Fiscal_impact" style="box-sizing: border-box;">Fiscal impact</span></h3>
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;"><i style="box-sizing: border-box;">Note: The <a href="https://ballotpedia.org/Fiscal_impact_statement" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Fiscal impact statement">fiscal impact statement</a> for a <a href="https://ballotpedia.org/Laws_governing_the_initiative_process_in_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Laws governing the initiative process in California">California ballot initiative</a> authorized for circulation is prepared by the <a href="https://ballotpedia.org/California_Legislative_Analyst%27s_Office" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Legislative Analyst's Office">state's legislative analyst</a> and director of finance.</i></dd></dl>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
The fiscal impact statement is as follows:<sup class="reference" id="cite_ref-sos_7-2" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-sos-7" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[7]</a></sup></div>
<div class="scrollable-table-container" style="box-sizing: border-box; display: block; max-width: 100%; overflow-x: auto; width: 863px;">
<table style="background-color: transparent; border-collapse: collapse; border-spacing: 0px; border: none; box-sizing: border-box; float: none !important; max-width: 100%;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 3px; text-align: left;" valign="top" width="20">“</td><td style="border: none; box-sizing: border-box; padding: 4px 10px;" valign="top">Annual property tax losses for cities, counties, and special districts of around $150 million in the near term, growing over time to $1 billion or more per year (in today’s dollars). Annual property tax losses for schools of around $150 million per year in the near term, growing over time to $1 billion or more per year (in today’s dollars). Increase in state costs for schools of an equivalent amount in most years.<sup class="reference" id="cite_ref-quotedisclaimer_8-2" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-quotedisclaimer-8" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[8]</a></sup></td><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 1px; text-align: right;" valign="bottom" width="20">”</td></tr>
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<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Full_text" style="box-sizing: border-box;">Full text</span></h3>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
The full text of the initiative is available <a class="external text" href="https://www.oag.ca.gov/system/files/initiatives/pdfs/17-0013%20%28Property%20Tax%20V3%29.pdf?" rel="noreferrer noopener" style="background: url("https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Icons-mini-file_acrobat.gif/15px-Icons-mini-file_acrobat.gif") right center no-repeat; box-sizing: border-box; color: #337ab7; padding-right: 16px; text-decoration: none;" target="_blank">here</a>.</div>
<h2 style="background-color: #f4f4f4; border-left: 5px solid rgb(50, 56, 61); box-sizing: border-box; color: inherit; font-family: inherit; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding: 10px;">
<span class="mw-headline" id="Support" style="box-sizing: border-box;">Support</span></h2>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
The <b style="box-sizing: border-box; font-weight: 700;">Homeownership for Families and Tax Savings for Seniors</b>, a <a class="mw-redirect" href="https://ballotpedia.org/PAC" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="PAC">political action committee</a>, was organized to sponsor the ballot initiative.<sup class="reference" id="cite_ref-finance_6-1" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-finance-6" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[6]</a></sup></div>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
The <a href="https://ballotpedia.org/California_Association_of_Realtors" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Association of Realtors">California Association of Realtors</a> (CAR) developed the ballot initiative. Alex Creel, senior VP of governmental affairs for CAR, filed the initiative. CAR, in a statement about the initiative, said, "It's important because seniors, who are often on a fixed income, fear they will not be able to afford a big property tax increase if they sell their existing home and buy another one, discouraging them from ever moving. As a result of this 'moving penalty' almost three-quarters of homeowners 55 and older haven't moved since 2000."<sup class="reference" id="cite_ref-9" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-9" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[9]</a></sup></div>
<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Arguments" style="box-sizing: border-box;">Arguments</span></h3>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
<b style="box-sizing: border-box; font-weight: 700;">Steve White</b>, president of the California Association of Realtors, said:<sup class="reference" id="cite_ref-10" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-10" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[10]</a></sup></div>
<div class="scrollable-table-container" style="box-sizing: border-box; display: block; max-width: 100%; overflow-x: auto; width: 863px;">
<table style="background-color: transparent; border-collapse: collapse; border-spacing: 0px; border: none; box-sizing: border-box; float: none !important; max-width: 100%;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 3px; text-align: left;" valign="top" width="20">“</td><td style="border: none; box-sizing: border-box; padding: 4px 10px;" valign="top">Many seniors live in homes that no longer fit their needs because their homes are now too big or too far away from their families. If they want to downsize or move closer to their children, they could face property tax increases of 100 percent, 200 percent or even 300 percent.<sup class="reference" id="cite_ref-quotedisclaimer_8-3" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-quotedisclaimer-8" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[8]</a></sup></td><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 1px; text-align: right;" valign="bottom" width="20">”</td></tr>
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<div style="box-sizing: border-box; margin: 0px 0px 10px;">
The <b style="box-sizing: border-box; font-weight: 700;"><a href="https://ballotpedia.org/California_Chamber_of_Commerce" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Chamber of Commerce">California Chamber of Commerce</a></b> endorsed the ballot initiative, stating:<sup class="reference" id="cite_ref-11" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-11" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[11]</a></sup></div>
<div class="scrollable-table-container" style="box-sizing: border-box; display: block; max-width: 100%; overflow-x: auto; width: 863px;">
<table style="background-color: transparent; border-collapse: collapse; border-spacing: 0px; border: none; box-sizing: border-box; float: none !important; max-width: 100%;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 3px; text-align: left;" valign="top" width="20">“</td><td style="border: none; box-sizing: border-box; padding: 4px 10px;" valign="top"><div style="box-sizing: border-box; margin: 0px 0px 10px;">
California is facing a massive housing shortage and needs at least 100,000 additional new units a year to meet demand. The CalChamber Board voted to support this measure because it could help ease the shortage by freeing up modest-priced and move-up housing for young families.</div>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
The change is important because seniors, who often are on a fixed income, fear they will not be able to afford a big property tax increase if they sell their existing home and buy another one, discouraging them from ever moving. As a result of this “moving penalty,” almost three-quarters of homeowners 55 and older haven’t moved since 2000. In addition, a recent estimate from the Legislative Analyst’s Office found that this initiative would increase home sales in the tens of thousands per year.<sup class="reference" id="cite_ref-quotedisclaimer_8-4" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-quotedisclaimer-8" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[8]</a></sup></div>
</td><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 1px; text-align: right;" valign="bottom" width="20">”</td></tr>
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</div>
<h2 style="background-color: #f4f4f4; border-left: 5px solid rgb(50, 56, 61); box-sizing: border-box; color: inherit; font-family: inherit; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding: 10px;">
<span class="mw-headline" id="Opposition" style="box-sizing: border-box;">Opposition</span></h2>
<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Arguments_2" style="box-sizing: border-box;">Arguments</span></h3>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
<b style="box-sizing: border-box; font-weight: 700;"><a href="https://ballotpedia.org/David_Chiu" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="David Chiu">Rep. David Chiu</a></b> (D-17) said he opposed the initiative:<sup class="reference" id="cite_ref-mn1_12-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-mn1-12" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[12]</a></sup></div>
<div class="scrollable-table-container" style="box-sizing: border-box; display: block; max-width: 100%; overflow-x: auto; width: 863px;">
<table style="background-color: transparent; border-collapse: collapse; border-spacing: 0px; border: none; box-sizing: border-box; float: none !important; max-width: 100%;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 3px; text-align: left;" valign="top" width="20">“</td><td style="border: none; box-sizing: border-box; padding: 4px 10px;" valign="top">It doesn’t add housing, and it is going to make it harder for cities and counties to pay for schools, infrastructure and public safety to the tune of $2 billion per year. We’re in the midst of the most intense housing crisis our state has ever experienced, and this proposal does nothing to address it.<sup class="reference" id="cite_ref-quotedisclaimer_8-5" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-quotedisclaimer-8" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[8]</a></sup></td><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 1px; text-align: right;" valign="bottom" width="20">”</td></tr>
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</div>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
<b style="box-sizing: border-box; font-weight: 700;">Laura Clark</b>, executive director of YIMPY Action, criticized the measure, saying:<sup class="reference" id="cite_ref-mn1_12-1" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-mn1-12" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[12]</a></sup></div>
<table style="background-color: transparent; border-collapse: collapse; border-spacing: 0px; border: none; box-sizing: border-box; max-width: 100%;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 3px; text-align: left;" valign="top" width="20">“</td><td style="border: none; box-sizing: border-box; padding: 4px 10px;" valign="top">We’re talking about, once again, another tax giveaway to people who are wealthy.<sup class="reference" id="cite_ref-quotedisclaimer_8-6" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-quotedisclaimer-8" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[8]</a></sup></td><td style="border: none; box-sizing: border-box; color: #b2b7f2; font-family: "Times New Roman", serif; font-size: 35px; font-weight: bold; padding: 10px 1px; text-align: right;" valign="bottom" width="20">”</td></tr>
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<h2 style="background-color: #f4f4f4; border-left: 5px solid rgb(50, 56, 61); box-sizing: border-box; color: inherit; font-family: inherit; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding: 10px;">
<span class="mw-headline" id="Campaign_finance" style="box-sizing: border-box;">Campaign finance</span></h2>
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;">
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;"><i style="box-sizing: border-box;">See also: <a href="https://ballotpedia.org/Campaign_finance_requirements_for_California_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Campaign finance requirements for California ballot measures">Campaign finance requirements for California ballot measures</a></i></dd></dl>
</dd></dl>
<table border="1" cellpadding="3" cellspacing="0" class="infobox" style="background-color: #f9f9f9; border-collapse: separate; border-spacing: 0px; border: 1px solid rgb(170, 170, 170); box-sizing: border-box; clear: right; color: black; float: right; margin-bottom: 0.5em; margin-left: 1em; max-width: 100%; padding: 0.2em; width: 233px;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td align="center" colspan="2" style="background-color: #fbec5d; box-sizing: border-box; color: black; vertical-align: top; width: 400px;"><b style="box-sizing: border-box; font-weight: 700;">Total campaign contributions<sup class="reference" id="cite_ref-13" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-13" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[13]</a></sup></b><br />
<small style="box-sizing: border-box; font-size: 13.6px;"><i style="box-sizing: border-box;">as of May 12, 2018</i></small><sup class="reference" id="cite_ref-14" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-14" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[14]</a></sup></td></tr>
<tr style="box-sizing: border-box;"><td align="left" style="background-color: white; box-sizing: border-box; color: black; vertical-align: top;"><a href="https://ballotpedia.org/Category:Ballot%20measure%20campaign%20finance%20articles%20by%20year" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Ballot measure campaign finance articles by year"><img alt="Category:Ballot measure endorsements" height="30" src="https://cdn.ballotpedia.org/images/thumb/f/f4/Circle_thum_up.png/30px-Circle_thum_up.png" style="border: none; box-sizing: border-box; height: auto !important; max-width: 100%; vertical-align: middle;" width="30" /></a> <b style="box-sizing: border-box; font-weight: 700;">Support:</b></td><td align="right" style="box-sizing: border-box; vertical-align: top;"><b style="box-sizing: border-box; font-weight: 700;">$7,204,875.08</b></td></tr>
<tr style="box-sizing: border-box;"><td align="left" style="background-color: white; box-sizing: border-box; color: black; vertical-align: top;"><a class="image" file:circle_thumbs_down.png="" href="https://ballotpedia.org/Category:Ballot%20measure%20campaign%20finance%20articles%20by%20year" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Ballot measure campaign finance articles by year"><img alt="Circle thumbs down.png" data-file-height="200" data-file-width="200" height="30" src="https://cdn.ballotpedia.org/images/thumb/9/99/Circle_thumbs_down.png/30px-Circle_thumbs_down.png" srcset="https://cdn.ballotpedia.org/images/thumb/9/99/Circle_thumbs_down.png/45px-Circle_thumbs_down.png 1.5x, https://cdn.ballotpedia.org/images/thumb/9/99/Circle_thumbs_down.png/60px-Circle_thumbs_down.png 2x" style="border: none; box-sizing: border-box; height: auto !important; max-width: 100%; vertical-align: middle;" width="30" /></a><b style="box-sizing: border-box; font-weight: 700;">Opposition:</b></td><td align="right" style="box-sizing: border-box; vertical-align: top;"><b style="box-sizing: border-box; font-weight: 700;">$0.00</b></td></tr>
</tbody></table>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
As of May 12, 2018, there was one ballot measure committee registered in support of the measure—<i style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">Homeownership for Families and Tax Savings for Seniors, Sponsored by the California Association of Realtors</b></i>. The committee had received $7.20 million, with 58 percent from the <a href="https://ballotpedia.org/California_Association_of_Realtors" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Association of Realtors">California Association of Realtors Issues Mobilization PAC</a> and 42 percent from the National Associaton of Realtors. The committee had spent $6.14 million.<sup class="reference" id="cite_ref-finance_6-2" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-finance-6" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[6]</a></sup></div>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
As of May 12, 2018, there were no committees registered in opposition to the measure.<sup class="reference" id="cite_ref-finance_6-3" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-finance-6" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[6]</a></sup></div>
<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Support_2" style="box-sizing: border-box;">Support</span></h3>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
The contribution and expenditure totals for the committee in support of the initiative were current as of May 12, 2018.<sup class="reference" id="cite_ref-finance_6-4" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-finance-6" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[6]</a></sup></div>
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<table style="background-color: transparent; border-collapse: separate; border-spacing: 0px; box-sizing: border-box; float: none !important; max-width: 100%;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="box-sizing: border-box;"><table border="0.5" cellpadding="2" cellspacing="0" style="background: none; border-collapse: separate; border-spacing: 0px; box-sizing: border-box; float: none !important; max-width: 100%; width: 650px;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td align="center;" colspan="4" style="background-color: darkblue; box-sizing: border-box; color: white; text-align: center;"><b style="box-sizing: border-box; font-weight: 700;">Committees in support of the Proposition 13 Tax Transfer Initiative</b></td></tr>
<tr style="box-sizing: border-box;"><td align="center;" colspan="4" style="background-color: #1a00e0; box-sizing: border-box; color: white; text-align: center;"><span style="box-sizing: border-box; font-size: 12.8px;"><i style="box-sizing: border-box;">Updated as of May 12, 2018</i></span></td></tr>
<tr style="box-sizing: border-box;"><th align="center" style="background-color: darkblue; box-sizing: border-box; color: white; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;" valign="center">Supporting committees</th><th style="background-color: darkblue; box-sizing: border-box; color: white; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;" valign="bottom">Cash contributions</th><th style="background-color: darkblue; box-sizing: border-box; color: white; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;" valign="bottom">In-kind services</th><th style="background-color: darkblue; box-sizing: border-box; color: white; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;" valign="bottom">Cash expenditures</th></tr>
<tr style="box-sizing: border-box;"><td align="left" style="box-sizing: border-box;">Homeownership for Families and Tax Savings for Seniors, Sponsored by the California Association of Realtors</td><td align="right" style="box-sizing: border-box;">$6,700,050.00</td><td align="right" style="box-sizing: border-box;">$504,825.08</td><td align="right" style="box-sizing: border-box;">$5,638,643.76</td></tr>
<tr style="box-sizing: border-box;"><td align="center" style="background-color: darkblue; box-sizing: border-box; color: white;"><b style="box-sizing: border-box; font-weight: 700;">Total</b></td><td align="right" style="background-color: darkblue; box-sizing: border-box; color: white;"><b style="box-sizing: border-box; font-weight: 700;">$6,700,050.00</b></td><td align="right" style="background-color: darkblue; box-sizing: border-box; color: white;"><b style="box-sizing: border-box; font-weight: 700;">$504,825.08</b></td><td align="right" style="background-color: darkblue; box-sizing: border-box; color: white;"><b style="box-sizing: border-box; font-weight: 700;">$5,638,643.76</b></td></tr>
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</td><td style="box-sizing: border-box;" valign="top"><table border="0.5" cellpadding="2" cellspacing="0" style="background: none; border-collapse: separate; border-spacing: 0px; box-sizing: border-box; float: none !important; max-width: 100%; width: auto;"><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><th align="center;" colspan="2" style="background-color: darkblue; box-sizing: border-box; color: white; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;"><b style="box-sizing: border-box; font-weight: 700;">Totals in support</b></th></tr>
<tr style="box-sizing: border-box;"><td align="center;" colspan="1" style="background-color: #1a00e0; box-sizing: border-box; color: white;"><b style="box-sizing: border-box; font-weight: 700;">Total raised:</b></td><td align="right;" colspan="1" style="background-color: #1a00e0; box-sizing: border-box; color: white;"><b style="box-sizing: border-box; font-weight: 700;">$7,204,875.08</b></td></tr>
<tr style="box-sizing: border-box;"><td align="center;" colspan="1" style="background-color: #1a00e0; box-sizing: border-box; color: white;"><b style="box-sizing: border-box; font-weight: 700;">Total spent:</b></td><td align="right;" colspan="1" style="background-color: #1a00e0; box-sizing: border-box; color: white;"><b style="box-sizing: border-box; font-weight: 700;">$6,143,468.84</b></td></tr>
</tbody></table>
</td></tr>
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<h4 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 20px !important; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 10px;">
<span class="mw-headline" id="Donors" style="box-sizing: border-box;">Donors</span></h4>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
The following were the donors who contributed to the support committee as of May 12, 2018:<sup class="reference" id="cite_ref-finance_6-5" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-finance-6" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[6]</a></sup></div>
<table border="1" cellpadding="5" cellspacing="0" class="wikitable sortable jquery-tablesorter" style="background: rgb(249, 249, 249); border-collapse: separate; border-spacing: 0px; border: 1px solid rgb(170, 170, 170); box-sizing: border-box; color: black; margin: 1em 1em 1em 0px; max-width: 100%; width: auto;"><thead style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><th class="headerSort" role="columnheader button" style="background: linear-gradient(transparent, transparent) right center no-repeat, url("data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%2021%209%22%20height%3D%229%22%20width%3D%2221%22%3E%0A%20%20%20%20%3Cpath%20d%3D%22M14.5%205l-4%204-4-4zM14.5%204l-4-4-4%204z%22%2F%3E%0A%3C%2Fsvg%3E%0A") rgb(0, 0, 139); border: 1px solid rgb(162, 169, 177); box-sizing: border-box; color: white; cursor: pointer; font-weight: bold; padding-bottom: 3px !important; padding-left: 0.4em; padding-right: 21px; padding-top: 3px !important; text-align: center;" tabindex="0" title="Sort ascending">Donor</th><th class="headerSort" role="columnheader button" style="background: linear-gradient(transparent, transparent) right center no-repeat, url("data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%2021%209%22%20height%3D%229%22%20width%3D%2221%22%3E%0A%20%20%20%20%3Cpath%20d%3D%22M14.5%205l-4%204-4-4zM14.5%204l-4-4-4%204z%22%2F%3E%0A%3C%2Fsvg%3E%0A") rgb(0, 0, 139); border: 1px solid rgb(162, 169, 177); box-sizing: border-box; color: white; cursor: pointer; font-weight: bold; padding-bottom: 3px !important; padding-left: 0.4em; padding-right: 21px; padding-top: 3px !important; text-align: center;" tabindex="0" title="Sort ascending">Cash</th><th class="headerSort" role="columnheader button" style="background: linear-gradient(transparent, transparent) right center no-repeat, url("data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%2021%209%22%20height%3D%229%22%20width%3D%2221%22%3E%0A%20%20%20%20%3Cpath%20d%3D%22M14.5%205l-4%204-4-4zM14.5%204l-4-4-4%204z%22%2F%3E%0A%3C%2Fsvg%3E%0A") rgb(0, 0, 139); border: 1px solid rgb(162, 169, 177); box-sizing: border-box; color: white; cursor: pointer; font-weight: bold; padding-bottom: 3px !important; padding-left: 0.4em; padding-right: 21px; padding-top: 3px !important; text-align: center;" tabindex="0" title="Sort ascending">In-kind</th><th class="headerSort" role="columnheader button" style="background: linear-gradient(transparent, transparent) right center no-repeat, url("data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%2021%209%22%20height%3D%229%22%20width%3D%2221%22%3E%0A%20%20%20%20%3Cpath%20d%3D%22M14.5%205l-4%204-4-4zM14.5%204l-4-4-4%204z%22%2F%3E%0A%3C%2Fsvg%3E%0A") rgb(0, 0, 139); border: 1px solid rgb(162, 169, 177); box-sizing: border-box; color: white; cursor: pointer; font-weight: bold; padding-bottom: 3px !important; padding-left: 0.4em; padding-right: 21px; padding-top: 3px !important; text-align: center;" tabindex="0" title="Sort ascending">Total</th></tr>
</thead><tbody style="box-sizing: border-box;">
<tr style="box-sizing: border-box;"><td style="border: 1px solid rgb(162, 169, 177); box-sizing: border-box; padding: 0.2em 0.4em;"><a href="https://ballotpedia.org/California_Association_of_Realtors_Issues_Mobilization_PAC" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Association of Realtors Issues Mobilization PAC">California Association of Realtors Issues Mobilization PAC</a></td><td style="border: 1px solid rgb(162, 169, 177); box-sizing: border-box; padding: 0.2em 0.4em; text-align: right;">$3,700,000.00</td><td style="border: 1px solid rgb(162, 169, 177); box-sizing: border-box; padding: 0.2em 0.4em; text-align: right;">$504,825.08</td><td style="border: 1px solid rgb(162, 169, 177); box-sizing: border-box; padding: 0.2em 0.4em; text-align: right;">$4,204,825.08</td></tr>
<tr style="box-sizing: border-box;"><td style="border: 1px solid rgb(162, 169, 177); box-sizing: border-box; padding: 0.2em 0.4em;">National Associaton of Realtors</td><td style="border: 1px solid rgb(162, 169, 177); box-sizing: border-box; padding: 0.2em 0.4em; text-align: right;">$3,000,000.00</td><td style="border: 1px solid rgb(162, 169, 177); box-sizing: border-box; padding: 0.2em 0.4em; text-align: right;">$0.00</td><td style="border: 1px solid rgb(162, 169, 177); box-sizing: border-box; padding: 0.2em 0.4em; text-align: right;">$3,000,000.00</td></tr>
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<h2 style="background-color: #f4f4f4; border-left: 5px solid rgb(50, 56, 61); box-sizing: border-box; color: inherit; font-family: inherit; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding: 10px;">
<span class="mw-headline" id="Background" style="box-sizing: border-box;">Background</span></h2>
<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Proposition_13_.281978.29" style="box-sizing: border-box;">Proposition 13 (1978)</span></h3>
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;">
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;"><i style="box-sizing: border-box;">See also: <a href="https://ballotpedia.org/California_Proposition_13,_Tax_Limitations_Initiative_(1978)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 13, Tax Limitations Initiative (1978)">California Proposition 13, Tax Limitations Initiative (1978)</a></i></dd></dl>
</dd></dl>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
<a href="https://ballotpedia.org/California_Proposition_13,_Tax_Limitations_Initiative_(1978)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 13, Tax Limitations Initiative (1978)">California Proposition 13</a>, the <a href="https://ballotpedia.org/California_Proposition_13,_Tax_Limitations_Initiative_(1978)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 13, Tax Limitations Initiative (1978)">Tax Limitations Initiative</a>, was on the ballot for the election on <a href="https://ballotpedia.org/California_1978_ballot_propositions#June_6" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California 1978 ballot propositions">June 6, 1978</a>. Voters approved Proposition 13, with 64.79 percent voting for passage.<sup class="reference" id="cite_ref-guide13_3-1" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-guide13-3" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[3]</a></sup><sup class="reference" id="cite_ref-taxdata_15-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-taxdata-15" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[15]</a></sup> <a href="https://ballotpedia.org/Howard_Jarvis" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Howard Jarvis">Howard Jarvis</a>, who founded the <a href="https://ballotpedia.org/Howard_Jarvis_Taxpayers_Association" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Howard Jarvis Taxpayers Association">Howard Jarvis Taxpayers Association</a>, developed Proposition 13. He also worked with <a href="https://ballotpedia.org/Paul_Gann" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Paul Gann">Paul Gann</a> on writing the initiative.<sup class="reference" id="cite_ref-time_16-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-time-16" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[16]</a></sup><sup class="reference" id="cite_ref-17" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-17" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[17]</a></sup></div>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
Proposition 13 required that properties be taxed at no more than 1 percent of their full cash value shown on the 1975-1976 assessment rolls and limited annual increases of assessed (taxable) value to the inflation rate or 2 percent, whichever was less. When a property is sold or transferred to new owners, however, the property is reassessed at 1 percent of its full cash value and the limit on increases to assessed value resets.<sup class="reference" id="cite_ref-guide13_3-2" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-guide13-3" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[3]</a></sup></div>
<h4 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 20px !important; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 10px;">
<span class="mw-headline" id="Amendments_to_Proposition_13" style="box-sizing: border-box;">Amendments to Proposition 13</span></h4>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
The following ballot measures amended Proposition 13 to change who can transfer their home's taxable value and how the transfers work:</div>
<ul style="box-sizing: border-box; margin: 0.3em 0px 0.6em 1.6em; padding: 0px;">
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/California_Proposition_58,_Real_Estate_Transfers_Within_Families_(1986)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 58, Real Estate Transfers Within Families (1986)">Proposition 58</a> (1986): Voters approved Proposition 58, which allowed the transfer of a principal residence between spouses or between parents and children without a reset on the home's taxable value. In other words, the recipient of a house, whether a spouse or a child, would continue to pay the taxable value based on the limit set following the 1975-1976 tax assessment.<sup class="reference" id="cite_ref-guide86_4-1" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-guide86-4" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[4]</a></sup></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/California_Proposition_60,_Property_Tax_Assessments_for_Older_Homeowners_(1986)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 60, Property Tax Assessments for Older Homeowners (1986)">Proposition 60</a> (1986): Voters approved Proposition 60, which permitted homeowners over the age of 55 to transfer the taxable value of their present home to a replacement home, assuming the replacement home was of equal or lesser value, located within the same county, and purchased within two years of selling the original home.<sup class="reference" id="cite_ref-guide86_4-2" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-guide86-4" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[4]</a></sup></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/California_Proposition_90,_Assessed_Valuation_of_Replacement_Dwellings_(1988)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 90, Assessed Valuation of Replacement Dwellings (1988)">Proposition 90</a> (1988): The voter-approved Proposition 60 allowed qualified homeowners age 55 or older to transfer the current taxable value of their original home to a replacement home in another county, but only if the county in which the replacement home is located agrees to participate in the program.<sup class="reference" id="cite_ref-guide88_5-1" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-guide88-5" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[5]</a></sup></li>
</ul>
<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Proposition_90_tax_transfers_between_counties" style="box-sizing: border-box;">Proposition 90 tax transfers between counties</span></h3>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
In 1988, voters approved <a href="https://ballotpedia.org/California_Proposition_90,_Assessed_Valuation_of_Replacement_Dwellings_(1988)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 90, Assessed Valuation of Replacement Dwellings (1988)">Proposition 90</a>, which allowed qualified homeowners age 55 or older to transfer the current taxable value of their original home to a replacement home in another county, but only if the county in which the replacement home is located agrees to participate in the program.<sup class="reference" id="cite_ref-guide88_5-2" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-guide88-5" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[5]</a></sup></div>
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As of 2018, 11 counties in California had adopted ordinances to accept the tax transfers of qualified homeowners age 55 or older from the other counties allowing tax transfers between counties. For example, a person age 55 or older who sold a house in <a href="https://ballotpedia.org/Los_Angeles_County,_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Los Angeles County, California">Los Angeles County</a> would be allowed to transfer their original home's taxable value to their new home in <a href="https://ballotpedia.org/San_Diego_County,_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="San Diego County, California">San Diego County</a>, assuming the new home was of equal or lesser value than the original home.</div>
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The California Proposition 13 Tax Transfer Initiative (2018) would allow homebuyers who are age 55 or older or severely disabled to transfer their tax assessments between any counties, not just the counties adopting ordinances for the transfers.<sup class="reference" id="cite_ref-initiative_1-3" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-initiative-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[1]</a></sup></div>
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The following map illustrates which counties allow for tax transfers between each other, as of 2018:<sup class="reference" id="cite_ref-18" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-18" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[18]</a></sup></div>
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<span class="mw-headline" id="Media_editorials" style="box-sizing: border-box;">Media editorials</span></h2>
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<span class="mw-headline" id="Other_opinions" style="box-sizing: border-box;">Other opinions</span></h3>
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<li style="box-sizing: border-box;"><i style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">San Diego Union-Tribune</b></i> (November 28, 2017) called for more thorough study on the initiative: "The Legislative Analyst’s Office warns that the measure could eventually lead to $2 billion or more in lost annual tax revenue. Realtors challenge this assertion and point to the new revenue that would come in as older homes worth $500,000 and more are finally taxed at their current value. This question needs more thorough study because the basic concept of the Realtors’ proposal makes considerable sense — at least if it can’t be readily gamed by wealthy people to limit their property taxes. Retirement security is a huge issue for millions of aging Californians on fixed incomes. Protecting this growing group is a good idea."<sup class="reference" id="cite_ref-19" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-19" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[19]</a></sup></li>
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<span class="mw-headline" id="Path_to_the_ballot" style="box-sizing: border-box;">Path to the ballot</span></h2>
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;">
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;"><i style="box-sizing: border-box;">See also: <a href="https://ballotpedia.org/California_signature_requirements" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California signature requirements">California signature requirements</a> and <a href="https://ballotpedia.org/Laws_governing_the_initiative_process_in_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Laws governing the initiative process in California">Laws governing the initiative process in California</a></i></dd></dl>
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<span class="mw-headline" id="Process_in_California" style="box-sizing: border-box;">Process in California</span></h3>
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In <a href="https://ballotpedia.org/California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California">California</a>, the number of signatures required for an <a href="https://ballotpedia.org/Initiated_constitutional_amendment" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Initiated constitutional amendment">initiated constitutional amendment</a> is equal to 8 percent of the votes cast in the preceding <a href="https://ballotpedia.org/Governor_of_California#Elections" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Governor of California">gubernatorial election</a>. Petitions are allowed to circulate for 180 days from the date the <a class="mw-redirect" href="https://ballotpedia.org/California_Attorney_General" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Attorney General">attorney general</a> 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 <a href="https://ballotpedia.org/California_Secretary_of_State" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Secretary of State">secretary of state</a> provides suggested deadlines for ballot initiatives.</div>
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The requirements to get <a href="https://ballotpedia.org/Indirect_initiated_state_statute" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Indirect initiated state statute">indirect initiated state statutes</a> certified for the 2018 ballot:</div>
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<li style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;"><a href="https://ballotpedia.org/Ballot_measure_petition_deadlines_and_requirements,_2018#Deadlines_and_requirements" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Ballot measure petition deadlines and requirements, 2018">Signatures</a></b>: 585,407 <a href="https://ballotpedia.org/Valid_signature" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Valid signature">valid signatures</a> are required.</li>
<li style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;"><a href="https://ballotpedia.org/Ballot_measure_petition_deadlines_and_requirements,_2018#Deadlines_and_requirements" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Ballot measure petition deadlines and requirements, 2018">Deadline</a></b>: The deadline for signature verification is June 28, 2018. However, the suggested deadlines for turning in signatures was March 7, 2018, for initiatives needing a full check of signatures and April 24, 2018, for initiatives needing a random sample of signatures verified.</li>
</ul>
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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.</div>
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<span class="mw-headline" id="Initiative_.2317-0013" style="box-sizing: border-box;">Initiative #17-0013</span></h3>
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Proponents filed three versions of the initiative: Initiative #17-0011, Initiative #17-0012, and Initiative #17-0013.<sup class="reference" id="cite_ref-20" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-20" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[20]</a></sup>Initiatives #17-0011 and #17-0012 would have allowed homebuyers of all ages to blend the tax amount due on their old property and the tax amount due on their new property.<sup class="reference" id="cite_ref-21" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-21" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[21]</a></sup><sup class="reference" id="cite_ref-22" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-22" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[22]</a></sup></div>
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Alex Creel, senior VP of governmental affairs for the <a href="https://ballotpedia.org/California_Association_of_Realtors" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Association of Realtors">California Association of Realtors</a>, said the group would begin polling the three proposals and select one to collect signatures for at the group's meeting in <a href="https://ballotpedia.org/San_Diego,_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="San Diego, California">San Diego</a> in mid-October 2017.<sup class="reference" id="cite_ref-23" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-23" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[23]</a></sup>The association selected Initiative #17-0013, rather than #17-0011A1 or #17-0012A1, to collect signatures for. Creel said the group would aim to collect around 1 million signatures and was willing to spend $20 million to $50 million on a campaign.<sup class="reference" id="cite_ref-24" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-24" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[24]</a></sup></div>
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Alexander Creel submitted a letter requesting a <a href="https://ballotpedia.org/Ballot_title" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Ballot title">title</a> and <a href="https://ballotpedia.org/Ballot_summary_(California)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Ballot summary (California)">summary</a> on July 20, 2017. A <a href="https://ballotpedia.org/Ballot_title" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Ballot title">title</a> and <a href="https://ballotpedia.org/Ballot_summary_(California)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Ballot summary (California)">summary</a> were issued by the <a href="https://ballotpedia.org/Attorney_General_of_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Attorney General of California">California attorney general's</a> office on September 25, 2017, allowing petitions to begin collecting signatures. By January 5, 2018, supporters of the initiative had collected 25 percent of the required signatures. On March 26, 2018, the support committee reported filing 960,361 signatures for the ballot initiative.<sup class="reference" id="cite_ref-pr_25-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-pr-25" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[25]</a></sup> Counties had until May 17, 2018, to conduct a random sample of signatures.<sup class="reference" id="cite_ref-timeline_26-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-timeline-26" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[26]</a></sup></div>
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On May 17, 2018, the secretary of state's office announced that the random sample of signatures indicated that 731,019 signatures were valid—145,612 more than was required. As 960,361 signatures were filed, the validation rate was 78.92 percent.<sup class="reference" id="cite_ref-27" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-27" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[27]</a></sup></div>
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<span class="mw-headline" id="How_to_vote" style="box-sizing: border-box;">How to vote</span></h2>
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;">
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;"><i style="box-sizing: border-box;">See also: <a href="https://ballotpedia.org/Voting_in_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Voting in California">Voting in California</a></i></dd></dl>
</dd></dl>
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<span class="mw-headline" id="Poll_times" style="box-sizing: border-box;">Poll times</span></h3>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
All polls in <a href="https://ballotpedia.org/California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California">California</a> are open from 7:00 a.m. to 8:00 p.m. Pacific Time. An individual who is in line at the time polls close must be allowed to vote.ack<sup class="reference" id="cite_ref-28" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-28" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[28]</a></sup></div>
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<span class="mw-headline" id="Registration_requirements" style="box-sizing: border-box;">Registration requirements</span></h3>
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To vote in California, an individual must be U.S. citizen and California resident. A voter must be at least 18 years of age on Election Day. Conditional voter registration is available beginning 14 days before an election through Election Day.<sup class="reference" id="cite_ref-careg_29-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-careg-29" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[29]</a></sup></div>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
On October 10, 2015, California Governor <a href="https://ballotpedia.org/Jerry_Brown" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Jerry Brown">Jerry Brown</a> (<a class="mw-redirect" href="https://ballotpedia.org/Democrat" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Democrat">D</a>) signed into law <a class="external text" href="https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1461" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank">Assembly Bill No. 1461</a>, also known as the New Motor Voter Act. The legislation authorized automatic voter registration in California for any individuals who visit the Department of Motor Vehicles to acquire or renew a driver's license. The law was scheduled to take effect in 2016.<sup class="reference" id="cite_ref-latimes2015_30-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-latimes2015-30" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[30]</a></sup><sup class="reference" id="cite_ref-sacbeeoctober2015_31-0" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-sacbeeoctober2015-31" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[31]</a></sup></div>
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<span class="mw-headline" id="Online_registration" style="box-sizing: border-box;">Online registration</span></h3>
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;">
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;"><i style="box-sizing: border-box;">See also: <a href="https://ballotpedia.org/Online_voter_registration" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Online voter registration">Online voter registration</a></i></dd></dl>
</dd></dl>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
California has implemented an online voter registration system. Residents can register to vote by visiting <a class="external text" href="http://registertovote.ca.gov/" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank">this website</a>.</div>
<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Voter_ID_requirements" style="box-sizing: border-box;">Voter ID requirements</span></h3>
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According to the Office of the California Secretary of State, "in most cases, California voters are not required to show identification at their polling place." A voter may be asked to provide identification at the polls if it is his or her first time voting (this requirement applies if the individual registered by mail without providing a driver's license number, state identification number, or the last four digits of a Social Security number). Acceptable forms of identification include driver's licenses, utility bills, or any document sent by a government agency. For a complete list of acceptable forms of identification, see <a class="external text" href="http://elections.cdn.sos.ca.gov/regulations/hava_id_regs_from_barclays_3_3_06.pdf" rel="noreferrer noopener" style="background: url("https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Icons-mini-file_acrobat.gif/15px-Icons-mini-file_acrobat.gif") right center no-repeat; box-sizing: border-box; color: #337ab7; padding-right: 16px; text-decoration: none;" target="_blank">this list</a>.<sup class="reference" id="cite_ref-32" style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; unicode-bidi: isolate; vertical-align: baseline; white-space: nowrap;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_note-32" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">[32]</a></sup></div>
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<span class="mw-headline" id="State_profile" style="box-sizing: border-box;">State profile</span></h2>
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<a href="https://ballotpedia.org/California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California"><img alt="USA California location map.svg" class="thumbimage" data-file-height="1171" data-file-width="1022" height="229" src="https://ballotpedia.s3.amazonaws.com/images/thumb/f/f9/USA_California_location_map.svg/200px-USA_California_location_map.svg.png" srcset="https://ballotpedia.s3.amazonaws.com/images/thumb/f/f9/USA_California_location_map.svg/300px-USA_California_location_map.svg.png 1.5x, https://ballotpedia.s3.amazonaws.com/images/thumb/f/f9/USA_California_location_map.svg/400px-USA_California_location_map.svg.png 2x" style="border: 1px solid rgb(204, 204, 204); box-sizing: border-box; height: auto !important; max-width: 100%; vertical-align: middle;" width="200" /></a><br />
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<i style="box-sizing: border-box;">This excerpt is reprinted here with the permission of the 2016 edition of the <a href="https://ballotpedia.org/Almanac_of_American_Politics" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Almanac of American Politics">Almanac of American Politics</a> and is up to date as of the publication date of that edition. All text is reproduced verbatim, though links have been added by Ballotpedia staff.</i> <a class="mw-redirect" href="https://ballotpedia.org/California_state_profile" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California state profile">To read the full chapter on California, click here</a>.</div>
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Both sides of America's political divide have taken the opportunity to emphasize how different California is from the rest of the country. After the 2016 presidential election, supporters of Donald Trump complained that were it not for Hillary Clinton's margin of victory in California, Trump would have won the popular vote. For their part, California's Democratic politicians have taken a leading role in opposing Trump's vision for America; some Californians are even flirting with seceding from the union, though "Calexit" faces constitutional obstacles that make it highly improbable. Despite such antagonism, California and the United States need each other, even if it no longer seems like it.</div>
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Americans have long thought of California as the Golden State -- a distant and dreamy land initially, then as a shaper of culture and as a promised land for millions of Americans and immigrants for many decades. America's most populous state remains in many ways a great success story. But in ...(<a href="https://ballotpedia.org/California_state_profile_2018" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California state profile 2018">read more</a>)</div>
<table align="right" style="background-color: transparent; border-collapse: separate; border-spacing: 0px; border: 1px solid black; box-sizing: border-box; margin: 5px; max-width: 100%; text-align: center; width: 500px;"><tbody style="box-sizing: border-box;">
<tr style="background-color: #333333; box-sizing: border-box; color: white;"><th colspan="3" style="box-sizing: border-box; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;">Demographic data for California</th></tr>
<tr style="background-color: #333333; box-sizing: border-box; color: white;"><th style="box-sizing: border-box; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;" width="50%"></th><th style="box-sizing: border-box; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;" width="25%">California</th><th style="box-sizing: border-box; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;" width="25%">U.S.</th></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Total population:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">38,993,940</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">316,515,021</i></td></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Land area (sq mi):</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">155,779</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">3,531,905</i></td></tr>
<tr style="background-color: #f0a236; box-sizing: border-box;"><th colspan="3" style="box-sizing: border-box; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;"><i style="box-sizing: border-box;">Gender</i></th></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Female:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">50.3%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">50.8%</i></td></tr>
<tr style="background-color: #f0a236; box-sizing: border-box;"><th colspan="3" style="box-sizing: border-box; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;"><i style="box-sizing: border-box;"><a href="https://ballotpedia.org/Race_and_Ethnicity_on_the_United_States_Census" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Race and Ethnicity on the United States Census">Race and ethnicity</a>**</i></th></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">White:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">61.8%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">73.6%</i></td></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Black/African American:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">5.9%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">12.6%</i></td></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Asian:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">13.7%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">5.1%</i></td></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Native American:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">0.7%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">0.8%</i></td></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Pacific Islander:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">0.4%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">0.2%</i></td></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Two or more:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">4.5%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">3%</i></td></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Hispanic/Latino:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">38.4%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">17.1%</i></td></tr>
<tr style="background-color: #f0a236; box-sizing: border-box;"><th colspan="3" style="box-sizing: border-box; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;"><i style="box-sizing: border-box;"><a href="https://ballotpedia.org/Education_Policy" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Education Policy">Education</a></i></th></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">High school graduation rate:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">81.8%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">86.7%</i></td></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">College graduation rate:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">31.4%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">29.8%</i></td></tr>
<tr style="background-color: #f0a236; box-sizing: border-box;"><th colspan="3" style="box-sizing: border-box; font-weight: bold; padding-bottom: 3px !important; padding-top: 3px !important; text-align: center;"><i style="box-sizing: border-box;">Income</i></th></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Median household income:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">$61,818</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">$53,889</i></td></tr>
<tr style="box-sizing: border-box;"><td style="background-color: #d9d9d9; box-sizing: border-box; text-align: left;">Persons below poverty level:</td><td style="box-sizing: border-box;"><b style="box-sizing: border-box; font-weight: 700;">18.2%</b></td><td style="box-sizing: border-box;"><i style="box-sizing: border-box;">11.3%</i></td></tr>
<tr style="box-sizing: border-box;"><td colspan="3" style="box-sizing: border-box; font-size: 12.8px;">Source: <i style="box-sizing: border-box;">U.S. Census Bureau</i>, "American Community Survey" (5-year estimates 2010-2015)<br />
<hr style="background-color: #aaaaaa; border: 0px; box-sizing: content-box; color: #aaaaaa; height: 1px; margin: 0.2em 0px;" />
<small style="box-sizing: border-box; font-size: 10.88px;">**<i style="box-sizing: border-box;">Note: Percentages for race and ethnicity may add up to more than 100 percent because respondents may report more than one race and the Hispanic/Latino ethnicity may be selected in conjunction with any race. Read more about race and ethnicity in the census <a href="https://ballotpedia.org/Race_and_Ethnicity_on_the_United_States_Census" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Race and Ethnicity on the United States Census">here</a>.</i></small></td></tr>
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<h3 style="box-sizing: border-box; color: inherit; font-family: inherit; font-size: 24px; font-weight: bold; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding-left: 5px;">
<span class="mw-headline" id="Presidential_voting_pattern" style="box-sizing: border-box;">Presidential voting pattern</span></h3>
<dl style="box-sizing: border-box; margin-bottom: 20px; margin-top: 0px;"><dd style="box-sizing: border-box; line-height: 1.42857; margin-left: 1.6em; margin-right: 0px;"><i style="box-sizing: border-box;">See also: <a href="https://ballotpedia.org/Presidential_voting_trends_in_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Presidential voting trends in California">Presidential voting trends in California</a></i></dd></dl>
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California voted for the Democratic candidate in all five presidential elections between 2000 and 2016.</div>
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<i style="box-sizing: border-box;">More California coverage on Ballotpedia</i></div>
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<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/California_elections,_2018" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California elections, 2018">Elections in California</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/United_States_congressional_delegations_from_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="United States congressional delegations from California">United States congressional delegations from California</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/Public_policy_in_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Public policy in California">Public policy in California</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/Influencers_in_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Influencers in California">Influencers in California</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/California_fact_checks" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California fact checks">California fact checks</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California">More...</a><div style="box-sizing: border-box; clear: both;">
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<span class="mw-headline" id="See_also" style="box-sizing: border-box;">See also</span></h2>
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<a href="https://ballotpedia.org/2018_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="2018 ballot measures"><b style="box-sizing: border-box; font-weight: 700;">2018 measures</b></a><br style="box-sizing: border-box;" /><div class="center" style="box-sizing: border-box; text-align: center; width: 263px;">
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<a href="https://ballotpedia.org/2017_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; margin-left: auto; margin-right: auto; text-decoration: none;" title="2017 ballot measures"><img alt="Calendar.png" data-file-height="128" data-file-width="128" height="80" src="https://ballotpedia.s3.amazonaws.com/images/thumb/1/15/Calendar.png/80px-Calendar.png?AWSAccessKeyId=AKIAJYSMGSWZEGREQP4Q&Expires=1527185219&Signature=LuchhXjvM86EPnLYPpepFVs2%2Bgw%3D" srcset="https://ballotpedia.s3.amazonaws.com/images/thumb/1/15/Calendar.png/120px-Calendar.png?AWSAccessKeyId=AKIAJYSMGSWZEGREQP4Q&Expires=1527185219&Signature=2lhJFpSXQmv8IrD%2FdwD3PDdFSjg%3D 1.5x, https://cdn.ballotpedia.org/images/1/15/Calendar.png 2x" style="border: none; box-sizing: border-box; height: auto !important; margin-left: auto; margin-right: auto; max-width: 100%; vertical-align: middle;" width="80" /></a></div>
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<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/2018_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="2018 ballot measures">2018 ballot measures</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/Taxes_on_the_ballot" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Taxes on the ballot">Taxes on the ballot</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/Property_on_the_ballot" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Property on the ballot">Property on the ballot</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/Dates_of_2018_state_legislative_sessions" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Dates of 2018 state legislative sessions">2018 legislative sessions</a></li>
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<a class="mw-redirect" href="https://ballotpedia.org/California_2018_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California 2018 ballot measures"><b style="box-sizing: border-box; font-weight: 700;">California</b></a><br style="box-sizing: border-box;" /><div class="center" style="box-sizing: border-box; text-align: center; width: 326px;">
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<a href="https://ballotpedia.org/California_2018_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; margin-left: auto; margin-right: auto; text-decoration: none;" title="California 2018 ballot measures"><img alt="Seal of California.png" data-file-height="399" data-file-width="400" height="100" src="https://ballotpedia.s3.amazonaws.com/images/thumb/1/1c/Seal_of_California.png/100px-Seal_of_California.png?AWSAccessKeyId=AKIAJYSMGSWZEGREQP4Q&Expires=1527185219&Signature=ROf4p7ky%2Fa%2Bbwg1vUD%2Fo1PKL%2BbM%3D" srcset="https://ballotpedia.s3.amazonaws.com/images/thumb/1/1c/Seal_of_California.png/150px-Seal_of_California.png?AWSAccessKeyId=AKIAJYSMGSWZEGREQP4Q&Expires=1527185219&Signature=3qOQzzk0iE97ZOrO4rZQ1fK8SCI%3D 1.5x, https://ballotpedia.s3.amazonaws.com/images/thumb/1/1c/Seal_of_California.png/200px-Seal_of_California.png?AWSAccessKeyId=AKIAJYSMGSWZEGREQP4Q&Expires=1527185219&Signature=1fVxNOMa2a%2F%2F4HuG%2Fd84sNYR%2FJ4%3D 2x" style="border: none; box-sizing: border-box; height: auto !important; margin-left: auto; margin-right: auto; max-width: 100%; vertical-align: middle;" width="100" /></a></div>
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<li style="box-sizing: border-box;"><a class="mw-redirect" href="https://ballotpedia.org/List_of_California_ballot_measures" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="List of California ballot measures">California ballot measures</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/Laws_governing_ballot_measures_in_California" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Laws governing ballot measures in California">California ballot measure laws</a></li>
<li style="box-sizing: border-box;"><a class="mw-redirect" href="https://ballotpedia.org/California_Proposition_13_(1978)" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="California Proposition 13 (1978)">California Proposition 13 (1978)</a></li>
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<ul style="box-sizing: border-box; margin: 0.3em 0px 0.6em 1.6em; padding: 0px;">
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/List_of_ballot_measure_lawsuits_in_2018" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="List of ballot measure lawsuits in 2018">Ballot measure lawsuits</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/Ballot_measure_readability_scores,_2018" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Ballot measure readability scores, 2018">Ballot measure readability</a></li>
<li style="box-sizing: border-box;"><a href="https://ballotpedia.org/2018_ballot_measure_polls" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="2018 ballot measure polls">Ballot measure polls</a></li>
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<div style="box-sizing: border-box; margin: 0px 0px 10px;">
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<h2 style="background-color: #f4f4f4; border-left: 5px solid rgb(50, 56, 61); box-sizing: border-box; color: inherit; font-family: inherit; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding: 10px;">
<span class="mw-headline" id="External_links" style="box-sizing: border-box;">External links</span></h2>
<ul style="box-sizing: border-box; margin: 0.3em 0px 0.6em 1.6em; padding: 0px;">
<li style="box-sizing: border-box;"><a class="external text" href="https://www.oag.ca.gov/system/files/initiatives/pdfs/17-0013%20%28Property%20Tax%20V3%29.pdf?" rel="noreferrer noopener" style="background: url("https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Icons-mini-file_acrobat.gif/15px-Icons-mini-file_acrobat.gif") right center no-repeat; box-sizing: border-box; color: #337ab7; padding-right: 16px; text-decoration: none;" target="_blank">Initiative #17-0013</a></li>
</ul>
<h2 style="background-color: #f4f4f4; border-left: 5px solid rgb(50, 56, 61); box-sizing: border-box; color: inherit; font-family: inherit; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 10px; padding: 10px;">
<span class="mw-headline" id="Footnotes" style="box-sizing: border-box;">Footnotes</span></h2>
<div style="box-sizing: border-box; margin: 0px 0px 10px;">
</div>
<div class="references-small" style="box-sizing: border-box; max-height: 10em; overflow: hidden; padding: 10px;">
<div class="mobile-columns" style="box-sizing: border-box; max-height: 10em !important; overflow-y: hidden;">
<div class="mw-references-wrap mw-references-columns" style="box-sizing: border-box; column-width: 35em;">
<ol class="references" style="box-sizing: border-box; font-size: 16px; margin: 0.3em 0px 0px 3.2em; padding: 0px;">
<li id="cite_note-initiative-1" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;">↑ <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-initiative_1-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up to:</span>1.0</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-initiative_1-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">1.1</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-initiative_1-2" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">1.2</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-initiative_1-3" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">1.3</a></sup></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://www.oag.ca.gov/system/files/initiatives/pdfs/17-0013%20%28Property%20Tax%20V3%29.pdf?" rel="noreferrer noopener" style="background: url("https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Icons-mini-file_acrobat.gif/15px-Icons-mini-file_acrobat.gif") right center no-repeat; box-sizing: border-box; color: #337ab7; padding-right: 16px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Attorney General</i>, "Initiative #17-0013," accessed July 24, 2017</a></span></li>
<li id="cite_note-cla-2" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;">↑ <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-cla_2-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up to:</span>2.0</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-cla_2-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">2.1</a></sup></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://oag.ca.gov/system/files/initiatives/pdfs/fiscal-impact-estimate-report%2817-0013%29.pdf" rel="noreferrer noopener" style="background: url("https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Icons-mini-file_acrobat.gif/15px-Icons-mini-file_acrobat.gif") right center no-repeat; box-sizing: border-box; color: #337ab7; padding-right: 16px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Legislative Analyst</i>, "Initiative #17-0013," accessed September 8, 2017</a></span></li>
<li id="cite_note-guide13-3" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;">↑ <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-guide13_3-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up to:</span>3.0</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-guide13_3-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">3.1</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-guide13_3-2" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">3.2</a></sup></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://repository.uchastings.edu/cgi/viewcontent.cgi?article=1845&context=ca_ballot_props" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">UC-Hastings</i>, "Voter Information Guide for 1978, Primary," accessed December 21, 2017</a></span></li>
<li id="cite_note-guide86-4" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;">↑ <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-guide86_4-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up to:</span>4.0</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-guide86_4-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">4.1</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-guide86_4-2" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">4.2</a></sup></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://repository.uchastings.edu/cgi/viewcontent.cgi?article=1970&context=ca_ballot_props" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">UC-Hastings</i>, "Voter Information Guide for 1986, General," accessed March 26, 2018</a></span></li>
<li id="cite_note-guide88-5" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;">↑ <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-guide88_5-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up to:</span>5.0</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-guide88_5-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">5.1</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-guide88_5-2" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">5.2</a></sup></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://repository.uchastings.edu/cgi/viewcontent.cgi?article=1987&context=ca_ballot_props" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">UC-Hastings</i>, "Voter Information Guide for 1988, General," accessed March 26, 2018</a></span></li>
<li id="cite_note-finance-6" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;">↑ <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-finance_6-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up to:</span>6.0</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-finance_6-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">6.1</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-finance_6-2" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">6.2</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-finance_6-3" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">6.3</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-finance_6-4" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">6.4</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-finance_6-5" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">6.5</a></sup></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://cal-access.sos.ca.gov/Campaign/" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">Cal-Access</i>, "Campaign Finance," accessed March 7, 2018</a></span></li>
<li id="cite_note-sos-7" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;">↑ <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-sos_7-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up to:</span>7.0</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-sos_7-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">7.1</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-sos_7-2" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">7.2</a></sup></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.sos.ca.gov/elections/ballot-measures/initiative-and-referendum-status/initiatives-referenda-cleared-circulation/" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Secretary of State</i>, "Initiatives and Referenda Cleared for Circulation," accessed March 6, 2017</a></span></li>
<li id="cite_note-quotedisclaimer-8" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;">↑ <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-quotedisclaimer_8-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up to:</span>8.0</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-quotedisclaimer_8-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">8.1</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-quotedisclaimer_8-2" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">8.2</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-quotedisclaimer_8-3" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">8.3</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-quotedisclaimer_8-4" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">8.4</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-quotedisclaimer_8-5" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">8.5</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-quotedisclaimer_8-6" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">8.6</a></sup></span> <span class="reference-text" style="box-sizing: border-box;"><i style="box-sizing: border-box;">Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.</i></span></li>
<li id="cite_note-9" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-9" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://www.theunion.com/news/local-news/realtors-join-forces-with-statewide-tax-basis-portability-effort/" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">The Union</i>, "Realtors join forces with statewide tax basis portability effort," November 29, 2017</a></span></li>
<li id="cite_note-10" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-10" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://www.cnbc.com/2018/03/25/california-tax-break-measure-could-help-ease-states-housing-crunch.html" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">CNBC</i>, "California measure could spur more seniors to sell homes, easing the state's housing crunch," March 26, 2018</a></span></li>
<li id="cite_note-11" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-11" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://advocacy.calchamber.com/2018/03/14/calchamber-announces-positions-on-pending-initiative-proposals-2/" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Chamber of Commerce</i>, "CalChamber Announces Positions on Pending Initiative Proposals," March 14, 2018</a></span></li>
<li id="cite_note-mn1-12" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;">↑ <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-mn1_12-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up to:</span>12.0</a></sup> <sup style="box-sizing: border-box; font-size: 12px; line-height: 0; position: relative; top: -0.5em; vertical-align: baseline;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-mn1_12-1" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;">12.1</a></sup></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://www.mercurynews.com/2017/12/11/giving-grandma-a-tax-break-to-get-more-homes-on-the-market-realtors-prop-13-ballot-proposal/" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">The Mercury News</i>, "Giving Grandma a tax break to get more homes on the market: realtors’ Prop. 13 ballot proposal," December 11, 2017</a></span></li>
<li id="cite_note-13" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-13" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><i style="box-sizing: border-box;">Note: These totals include all contributions and may include in-kind donations as well as cash donations.</i></span></li>
<li id="cite_note-14" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-14" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><i style="box-sizing: border-box;">Note: This date is the most recent date on which Ballotpedia staff researched campaign finance data. The actual date through which this information is accurate depends on <a href="https://ballotpedia.org/Campaign_finance_disclosure_rules_for_ballot_measure_campaigns" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;" title="Campaign finance disclosure rules for ballot measure campaigns">the campaign finance reporting requirements in this state</a>.</i></span></li>
<li id="cite_note-taxdata-15" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-taxdata_15-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://www.californiataxdata.com/pdf/Prop13.pdf" rel="noreferrer noopener" style="background: url("https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Icons-mini-file_acrobat.gif/15px-Icons-mini-file_acrobat.gif") right center no-repeat; box-sizing: border-box; color: #337ab7; padding-right: 16px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Tax Data</i>, "What is Proposition 13?" accessed December 21, 2017</a></span></li>
<li id="cite_note-time-16" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-time_16-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.time.com/time/nation/article/0,8599,1907504,00.html?iid=tsmodule" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">Time</i>, "How California's Fiscal Woes Began: A Crisis 30 Years in the Making," July 1, 2009</a></span></li>
<li id="cite_note-17" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-17" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://www.nytimes.com/2016/10/17/us/the-california-ballot-measure-that-inspired-a-tax-revolt.html?mtrref=www.google.com" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">New York Times</i>, "The California Ballot Measure That Inspired a Tax Revolt," October 16, 2018</a></span></li>
<li id="cite_note-18" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-18" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm#transfers" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California State Board of Equalizers</i>, "Exclusions from Reappraisal – Frequently Asked Questions," accessed March 26, 2018</a></span></li>
<li id="cite_note-19" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-19" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.sandiegouniontribune.com/opinion/editorials/sd-realtors-property-tax-prop-13-story.html" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">San Diego Union-Tribune</i>, "Should California make it easier for seniors to buy and sell homes?," November 28, 2017</a></span></li>
<li id="cite_note-20" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-20" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.latimes.com/politics/essential/la-pol-ca-essential-politics-updates-for-young-california-homeowners-a-1500590561-htmlstory.html" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">Los Angeles Times</i>, "For young California homeowners, a proposed 2018 initiative could make buying a new house a lot less expensive," July 20, 2017</a></span></li>
<li id="cite_note-21" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-21" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://www.oag.ca.gov/system/files/initiatives/pdfs/17-0011%20%28Property%20Tax%20V1%29.pdf?" rel="noreferrer noopener" style="background: url("https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Icons-mini-file_acrobat.gif/15px-Icons-mini-file_acrobat.gif") right center no-repeat; box-sizing: border-box; color: #337ab7; padding-right: 16px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Attorney General</i>, "Initiative #17-0011," accessed July 24, 2017</a></span></li>
<li id="cite_note-22" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-22" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://www.oag.ca.gov/system/files/initiatives/pdfs/17-0012%20%28Property%20Tax%20V2%29.pdf?" rel="noreferrer noopener" style="background: url("https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Icons-mini-file_acrobat.gif/15px-Icons-mini-file_acrobat.gif") right center no-repeat; box-sizing: border-box; color: #337ab7; padding-right: 16px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Attorney General</i>, "Initiative #17-0012," accessed July 24, 2017</a></span></li>
<li id="cite_note-23" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-23" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.sacbee.com/news/politics-government/capitol-alert/article175792866.html" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">The Sacramento Bee</i>, "Own a home and looking to move? California Realtors want to get you a major tax break," September 28, 2017</a></span></li>
<li id="cite_note-24" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-24" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.ocregister.com/2017/11/27/california-realtors-launch-ballot-drive-to-expand-prop-13-for-senior-homeowners/" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">The Orange County Register</i>, "California Realtors launch ballot drive to expand Prop. 13 for senior homeowners," November 27, 2017</a></span></li>
<li id="cite_note-pr-25" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-pr_25-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="https://www.prnewswire.com/news-releases/signatures-submitted-to-qualify-november-ballot-measure-that-provides-property-tax-fairness-for-california-seniors-disabled-and-victims-of-natural-disasters-300619565.html" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">PR Newswire</i>, "Signatures Submitted to Qualify November Ballot Measure That Provides Property Tax Fairness for California Seniors, Disabled, and Victims of Natural Disasters," March 26, 2018</a></span></li>
<li id="cite_note-timeline-26" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-timeline_26-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.sos.ca.gov/elections/ballot-measures/" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Secretary of State</i>, "Ballot Measures," accessed May 22, 2017</a></span></li>
<li id="cite_note-27" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-27" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://elections.cdn.sos.ca.gov/ballot-measures/pdf/1809-finalrandomsample-5-17-18.pdf" rel="noreferrer noopener" style="background: url("https://upload.wikimedia.org/wikipedia/commons/thumb/2/23/Icons-mini-file_acrobat.gif/15px-Icons-mini-file_acrobat.gif") right center no-repeat; box-sizing: border-box; color: #337ab7; padding-right: 16px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Secretary of State</i>, "Final Random Sample," accessed May 17, 2018</a></span></li>
<li id="cite_note-28" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-28" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.sos.ca.gov/elections/voting-resources/voting-california/help-strengthen-our-democracy/poll-worker-info/poll-worker-training-standards/section-two/" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Secretary of State</i>, "Section 2: Polling Place Hours," accessed January 21, 2015</a></span></li>
<li id="cite_note-careg-29" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-careg_29-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.sos.ca.gov/elections/elections_vr.htm" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Secretary of State</i>, "Voter Registration," accessed June 9, 2014</a></span></li>
<li id="cite_note-latimes2015-30" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-latimes2015_30-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.latimes.com/local/political/la-me-pc-gov-brown-on-motor-voter-bill-20150917-story.html" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">The Los Angeles Times</i>, "Gov. Brown approves automatic voter registration for Californians," October 10, 2015</a></span></li>
<li id="cite_note-sacbeeoctober2015-31" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-sacbeeoctober2015_31-0" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.sacbee.com/news/politics-government/capitol-alert/article40547034.html" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">The Sacramento Bee</i>, "California voter law could register millions–for a start," October 20, 2015</a></span></li>
<li id="cite_note-32" style="box-sizing: border-box; break-inside: avoid-column;"><span class="mw-cite-backlink" style="box-sizing: border-box; user-select: none;"><a href="https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)#cite_ref-32" style="background-color: transparent; box-sizing: border-box; color: #337ab7; text-decoration: none;"><span class="cite-accessibility-label" style="border: 0px !important; box-sizing: border-box; clip: rect(1px, 1px, 1px, 1px); height: 1px !important; overflow: hidden; padding: 0px !important; position: absolute !important; top: -99999px; user-select: none; width: 1px !important;">Jump up</span>↑</a></span> <span class="reference-text" style="box-sizing: border-box;"><a class="external text" href="http://www.sos.ca.gov/elections/where-and-how" rel="noreferrer noopener" style="background: url("data:image/png; box-sizing: border-box; color: #337ab7; padding-right: 13px; text-decoration: none;" target="_blank"><i style="box-sizing: border-box;">California Secretary of State</i>, "Where and How to Vote," accessed August 30, 2016</a></span></li>
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<b>https://ballotpedia.org/California_Proposition_13_Tax_Transfer_Initiative_(2018)</b><br />
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<b>The following proposal would be even more beneficial for those over 55. It would completely eliminates property tax and estate tax for people over the age of 55:</b><br />
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<strong style="font-weight: bold;">1826. (17-0029)</strong><br />
<strong style="font-weight: bold;">Exempts California Residents 55 Years Old or Older from State or Local Income and Property Taxes and Property Fees. Exempts California Residents from Any State Estate Tax. Initiative Constitutional Amendment.</strong><em>Summary Date: 11/08/17 | Circulation Deadline: 05/08/18 | Signatures Required: 585,407</em>Proponents:Lee Olson</div>
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Exempts California residents who are 55 years old or older from paying state or local income taxes, real estate and personal property taxes, or real estate and personal property fees. Exempts California residents from any form of state estate tax, if California were to levy an estate tax. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: <strong style="font-weight: bold;">Reduced state and local taxes of roughly $60 billion per year. The state and local governments would have to take actions to bring their budgets into balance—by reducing spending and/or raising other taxes or fees.</strong>(<a href="https://www.oag.ca.gov/system/files/initiatives/pdfs/17-0029%20%28Resident%20Taxes%29_0.pdf" style="color: #006599; font-weight: 700;">17-0029</a>.)</div>
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http://www.sos.ca.gov/elections/ballot-measures/initiative-and-referendum-status/initiatives-referenda-cleared-circulation/</div>
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<br />rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-68751540007460028582018-05-17T11:30:00.000-07:002018-05-17T11:30:48.764-07:00Flash + Ambient = Flambient technique for Real Estate Photos<div style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0px; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
From Nathan Cool:</div>
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<span style="background-color: white; color: #111111; font-family: "roboto" , "arial" , sans-serif; font-size: 14px; white-space: pre-wrap;">A follow-up from episode #1 showing how to quickly blend an ambient and a flashed shot. Step-by-step instructions in my e-book at </span><a class="yt-simple-endpoint style-scope yt-formatted-string" href="https://www.youtube.com/redirect?redir_token=UpbBkBWWPYOxVVThRNk0WHj6xpF8MTUyNjY2NzE3NEAxNTI2NTgwNzc0&v=WEo7tfp5Zds&q=https%3A%2F%2Fwww.amazon.com%2Fdp%2FB0755KXSL4&event=video_description" style="background-color: white; cursor: pointer; display: inline-block; font-family: Roboto, Arial, sans-serif; font-size: 14px; text-decoration-line: none; white-space: pre-wrap;">https://www.amazon.com/dp/B0755KXSL4</a></div>
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https://www.youtube.com/watch?v=WEo7tfp5Zds</div>
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Take 3 different photos with 3 different lighting issues, then combine so the entire view looks great.</div>
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5:50 Photoshop > Edit > Auto-align layers</div>
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From Rich Baum:</div>
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<span style="background-color: white; color: #111111; font-family: "roboto" , "arial" , sans-serif; font-size: 14px; white-space: pre-wrap;">This video is to demonstrate how I light and edit a challenging coffered ceilings / boxed beam without getting shadows from the beams. This is where the Flambient or "Flash Fusion" technique really comes in handy. Main thing to think about is to let the ambient do the heavy lifting. Make sure you adjust your ambient exposure to fit the color and exposure of the flash exposure, then you can use it to for the parts of the image that needs the help..<br /><br />Please remember to subscribe, give a thumbs up (or down) and send me questions or comments as I try to reply ASAP though it might take a couple of weeks.<br />And last but not least, <br />Disclaimer: as always there are many ways to do everything I do. And for this video there are certainly quality issues but as I always say, these tutorials are for the day to day real estate photographer and the focus is getting the information across.</span></div>
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https://www.youtube.com/watch?v=2uau-PcZNBY&t=601s</div>
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<br class="Apple-interchange-newline" /><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-15661716290116994012018-03-12T10:24:00.002-07:002018-03-12T10:24:46.439-07:00Use capital loss carryover from big stock market loss to offset gain on home sale?Dear Tax Talk,<br />
I bought my house 30 years ago for $35,000 and am now selling it for $550,000. I had a loss in the stock market 10 years ago for $150,000. I have been writing off $3,000 per year for the capital loss against ordinary income. Can I write off the remaining $120,000 as a capital loss against the capital gains on my home when I do sell the property?<br />
— Bill<br />
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Dear Bill,<br />
Yes, your capital loss carryover may be deducted against the capital gain on the sale of your house. Keep in mind, if your capital losses were to exceed your capital gain, the amount of the excess loss you can claim is the lesser of $3,000 ($1,500 if you are married filing separately) or your total net loss.<br />
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For example, if the gain on your home is $100,000 and you have $120,000 loss carryover, then you can deduct $103,000 (if you’re married filing jointly) and carry over the remaining $17,000 to future years. The net loss would be $103,000.<br />
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Now let’s go over the calculation of the capital gain on the sale of the home. Here’s how it works:<br />
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<ul>
<li>The first step is to deduct all of your selling expenses, including commissions, advertising, legal fees and any seller-paid expenses from the selling price of the home to come up with the “amount realized” on the sale. </li>
<li>The next step is to deduct your “adjusted basis” from the amount realized to come up with your gain on the sale. Your adjusted basis is your original cost of the home increased by any capital improvements you made over the past 30 years. </li>
</ul>
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<br />
What is a capital improvement?<br />
A capital improvement is a permanent structural change to real property, such as an addition or expansion, or the replacement of a major component of the property. Examples are a new roof, swimming pool, renovation costs, etc. It does not include normal wear and tear expenses such as painting and various repairs.<br />
<br />
Once you calculate the gain from the sale of the home, you need to determine if you qualify to exclude $250,000 ($500,000 if you file a joint return) from taxation. Generally, you will qualify if you meet the ownership and use tests. This means you have to have owned and used your home as your main residence for at least two years out of the five-year period ending on the date of the sale.
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<br />
For all the important details on claiming this exclusion from your gain, be sure to take a good look at IRS Publication 523 entitled “Selling Your Home.” The gain is reported on Schedule D, Capital Gains and Losses, which is also where your capital loss carryover shows up to be deducted.<br />
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Reprint of this article from Bankrate : https://www.bankrate.com/finance/taxes/use-capital-loss-carryover-to-offset-gain-on-home-sale.aspxrob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-28631099847087868502018-03-10T04:23:00.000-08:002018-03-10T04:45:51.459-08:00Lincoln, Kennedy, Monta Vista for $1.349M (mixed-use zone)<br />
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<span style="background-color: white; color: #222222; font-family: "bitstream vera serif" , "times new roman" , serif;">Lincoln, Kennedy, Monta Vista for $1.349M (located in a mixed-use zone, so check with city on permissible future uses)</span></div>
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<span style="background-color: white; color: #222222; font-family: "bitstream vera serif" , "times new roman" , serif;">Open House Today and Tomorrow (Sat/Sun March 10th/11th from 1pm-6pm)</span></div>
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<span style="background-color: white; color: #222222; font-family: "bitstream vera serif" , "times new roman" , serif;">10075 Imperial Ave, Cupertino, CA 95014</span></div>
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<span style="background-color: white; color: #222222; font-family: "bitstream vera serif" , "times new roman" , serif;">Wonderfully maintained home in prime Cupertino location. Possibilities abound. Monte Vista, Kennedy, and Lincoln schools. Minutes to Silicon Valley tech sector. This home is very livable, or remodel to suite your needs. Home is located in an area with zoning variance and with approval may be used for business purposes. Buyer to verify with city and county.</span><br />
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<span style="background-color: white; color: #222222; font-family: "bitstream vera serif" , "times new roman" , serif;">https://mailchi.mp/0dab8b4dbc8e/silicon-valley-real-estate-market-information</span></div>
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<script type="text/javascript" src="//downloads.mailchimp.com/js/signup-forms/popup/embed.js" data-dojo-config="usePlainJson: true, isDebug: false"></script><script type="text/javascript">require(["mojo/signup-forms/Loader"], function(L) { L.start({"baseUrl":"mc.us9.list-manage.com","uuid":"d60ba78ff15dbbb8ba3c2e1ee","lid":"cace6ce15e"}) })</script>rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-75720559751576234782018-03-09T11:41:00.002-08:002018-03-09T11:41:50.129-08:00City of Cupertino > PLANNED DEVELOPMENT (P) ZONES<br />
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CHAPTER 19.80: PLANNED DEVELOPMENT (P) ZONES<br />
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<a class="Jump" href="http://library.amlegal.com/nxt/gateway.dll?f=jumplink$jumplink_x=Advanced$jumplink_vpc=first$jumplink_xsl=querylink.xsl$jumplink_sel=title;path;content-type;home-title;item-bookmark$jumplink_d=california(cupertino)$jumplink_q=[field%20folio-destination-name:%2719.80.020%27]$jumplink_md=target-id=JD_19.80.020" target="_parent">19.80.020</a> Applicability of regulations.</div>
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<a class="Jump" href="http://library.amlegal.com/nxt/gateway.dll?f=jumplink$jumplink_x=Advanced$jumplink_vpc=first$jumplink_xsl=querylink.xsl$jumplink_sel=title;path;content-type;home-title;item-bookmark$jumplink_d=california(cupertino)$jumplink_q=[field%20folio-destination-name:%2719.80.030%27]$jumplink_md=target-id=JD_19.80.030" target="_parent">19.80.030</a> Establishment of districts–Permitted and conditional uses.</div>
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<a class="Jump" href="http://library.amlegal.com/nxt/gateway.dll?f=jumplink$jumplink_x=Advanced$jumplink_vpc=first$jumplink_xsl=querylink.xsl$jumplink_sel=title;path;content-type;home-title;item-bookmark$jumplink_d=california(cupertino)$jumplink_q=[field%20folio-destination-name:%2719.80.040%27]$jumplink_md=target-id=JD_19.80.040" target="_parent">19.80.040</a> Zoning or prezoning.</div>
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<a href="https://www.blogger.com/null"><img alt="Bookmark" border="0" height="16" src="https://library.amlegal.com/alp_templates/images/ui-bookmark.gif" width="16" /></a><a href="https://www.blogger.com/null" id="JD_19.80.010" name="JD_19.80.010" title="19.80.010"></a>19.80.010 Purpose.</div>
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A. The
planned development (P) zoning district is intended to provide a means
of guiding land development or redevelopment of the City that is
uniquely suited for planned coordination of land uses and to provide for
a greater flexibility of land use intensity and design because of
accessibility, ownership patterns, topographical considerations, and
community design objectives.</div>
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<div class="Normal-Level">
<div>
B. The
planned development zoning district is specifically intended to
encourage variety in the development pattern of the community; to
promote a more desirable living environment; to encourage creative
approaches in land development; to provide a means of reducing the
amount of improvements required in development through better design and
land planning, to conserve natural features, to facilitate a more
aesthetic and efficient use of open spaces, and to encourage the
creation of public or private common open space.</div>
</div>
<div class="Normal-Level">
<div>
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)</div>
</div>
<a href="https://www.blogger.com/null" name="LPTOC2"></a><br />
<div class="Section">
<div>
<a href="https://www.blogger.com/null"><img alt="Bookmark" border="0" height="16" src="https://library.amlegal.com/alp_templates/images/ui-bookmark.gif" width="16" /></a><a href="https://www.blogger.com/null" id="JD_19.80.020" name="JD_19.80.020" title="19.80.020"></a>19.80.020 Applicability of Regulations.</div>
</div>
<div class="Normal-Level">
<div>
No
building, structure or land shall be used and no building or structure
shall be erected, enlarged or structurally altered, or demolished, in
any planned development zoning district, except in accordance with the
provisions set forth in this chapter.</div>
</div>
<div class="Normal-Level">
<div>
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)</div>
</div>
<a href="https://www.blogger.com/null" name="LPTOC3"></a><br />
<div class="Section">
<div>
<a href="https://www.blogger.com/null"><img alt="Bookmark" border="0" height="16" src="https://library.amlegal.com/alp_templates/images/ui-bookmark.gif" width="16" /></a><a href="https://www.blogger.com/null" id="JD_19.80.030" name="JD_19.80.030" title="19.80.030"></a>19.80.030 Establishment of Districts–Permitted and Conditional Uses.</div>
</div>
<div class="Normal-Level">
<div>
A. Planned
development zoning districts may be established, modified or removed
from the zoning map, and the regulations applicable to any planned
development district may be established, modified or deleted in accord
with the procedures described in this chapter.</div>
</div>
<div class="Normal-Level">
<div>
B. All
P districts shall be identified on the zoning map with the letter
coding "P" followed by a specific reference to the general type of use
allowed in the particular planning development zoning district. For
example, a planned development zoning district in which the uses are to
be general commercial in nature, would be designated "P(CG)." A planned
development zoning district in which the uses are intended to be a mix
of general commercial and residential would be designated "P(CG/Res)."</div>
</div>
<div class="Normal-Level">
<div>
C. Permitted
uses in a P zoning district shall consist of all uses which are
permitted in the zoning district which constitutes the designation
following the letter coding "P." For example, the permitted uses in a
P(CG) zoning district are the same uses which are permitted in a CG
zoning district for sties with a mixed-use residential designation,
Section <a class="Jump" href="http://library.amlegal.com/nxt/gateway.dll?f=jumplink$jumplink_x=Advanced$jumplink_vpc=first$jumplink_xsl=querylink.xsl$jumplink_sel=title;path;content-type;home-title;item-bookmark$jumplink_d=california(cupertino)$jumplink_q=[field%20folio-destination-name:%2719.80.030%27]$jumplink_md=target-id=JD_19.80.030" target="_parent">19.80.030</a>F shall apply.</div>
</div>
<div class="Normal-Level">
<div>
D. Conditional
uses in a P zoning district shall consist of all uses which require the
issuance of a conditional use permit in the zoning district which
constitutes the designation following the letter coding "P." For
example, the conditional uses in a P(CG) zoning district are the same
uses which require a conditional use permit in CG zoning district. Each
conditional use in a P zoning district requires a separate conditional
use permit for sites with a mixed-use residential designation, Section <a class="Jump" href="http://library.amlegal.com/nxt/gateway.dll?f=jumplink$jumplink_x=Advanced$jumplink_vpc=first$jumplink_xsl=querylink.xsl$jumplink_sel=title;path;content-type;home-title;item-bookmark$jumplink_d=california(cupertino)$jumplink_q=[field%20folio-destination-name:%2719.80.030%27]$jumplink_md=target-id=JD_19.80.030" target="_parent">19.80.030</a>F shall apply.</div>
</div>
<div class="Normal-Level">
<div>
E. The
general category of uses in a P zone shall be defined at the time of
the conceptual plan, and shall be consistent with the adopted General
Plan relative to the property in the application. The development
standards and regulations of the permitted and conditional uses shall be
established in conjunction with the approval of the conceptual and
definitive plans.</div>
</div>
<div class="Normal-Level">
<div>
F. For sites with a mixed-use residential designation the following shall apply:</div>
</div>
<div class="Normal-Level">
<div>
1. For sites in the Monta Vista Village Special Area, residential shall be a permitted use.</div>
</div>
<div class="Normal-Level">
<div>
2. If
a site is listed as a Priority Housing Site in the City’s adopted
Housing Element of the General Plan, then residential development that
does not exceed the number of units designated for the site in the
Housing Element shall be a permitted use.</div>
</div>
<div class="Normal-Level">
<div>
3. Residential
development on sites not designated as Priority Housing Sites in the
City’s adopted Housing Element of the General Plan and residential
development on a Priority Housing Site that exceeds the number of units
designated for that Priority Housing Site shall be a conditional use.</div>
</div>
<div class="Normal-Level">
<div>
4. Priority Housing Sites shall be shown on the City’s zoning map.</div>
</div>
<div class="Normal-Level">
<div>
G. For
sites which require a specific plan prior to development approval, the
permitted and conditional uses shall be as shown in the specific plan.</div>
</div>
<div class="Normal-Level">
<div>
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)</div>
</div>
<a href="https://www.blogger.com/null" name="LPTOC4"></a><br />
<div class="Section">
<div>
<a href="https://www.blogger.com/null"><img alt="Bookmark" border="0" height="16" src="https://library.amlegal.com/alp_templates/images/ui-bookmark.gif" width="16" /></a><a href="https://www.blogger.com/null" id="JD_19.80.040" name="JD_19.80.040" title="19.80.040"></a>19.80.040 Zoning or Prezoning.</div>
</div>
<div class="Normal-Level">
<div>
A. Application. The applicant for a P zoning district shall, in addition to information required per <a class="Jump" href="http://library.amlegal.com/nxt/gateway.dll?f=jumplink$jumplink_x=Advanced$jumplink_vpc=first$jumplink_xsl=querylink.xsl$jumplink_sel=title;path;content-type;home-title;item-bookmark$jumplink_d=california(cupertino)$jumplink_q=[field%20folio-destination-name:%27Chapter%2019.12%27]$jumplink_md=target-id=JD_Chapter19.12" target="_parent">Chapter 19.12</a>,
at the time of the application, submit to the Director of Community
Development a conceptual development plan, which shall include:</div>
</div>
<div class="Normal-Level">
<div>
1. A general description of the proposed uses,</div>
</div>
<div class="Normal-Level">
<div>
2. The proposed traffic-circulation system,</div>
</div>
<div class="Normal-Level">
<div>
3. A topographical map of the site and the neighboring properties,</div>
</div>
<div class="Normal-Level">
<div>
4. A landscaping plan.</div>
</div>
<div class="Normal-Level">
<div>
B. Process and Review Authority.</div>
</div>
<div class="Normal-Level">
<div>
1. Applications for the zoning, prezoning or rezoning of property shall be processed in the manner prescribed in <a class="Jump" href="http://library.amlegal.com/nxt/gateway.dll?f=jumplink$jumplink_x=Advanced$jumplink_vpc=first$jumplink_xsl=querylink.xsl$jumplink_sel=title;path;content-type;home-title;item-bookmark$jumplink_d=california(cupertino)$jumplink_q=[field%20folio-destination-name:%27Chapter%2019.152%27]$jumplink_md=target-id=JD_Chapter19.152" target="_parent">Chapter 19.152</a>.</div>
</div>
<div class="Normal-Level">
<div>
C. Findings. No such ordinance may be adopted unless, in addition to making the findings required by <a class="Jump" href="http://library.amlegal.com/nxt/gateway.dll?f=jumplink$jumplink_x=Advanced$jumplink_vpc=first$jumplink_xsl=querylink.xsl$jumplink_sel=title;path;content-type;home-title;item-bookmark$jumplink_d=california(cupertino)$jumplink_q=[field%20folio-destination-name:%27Chapter%2019.152%27]$jumplink_md=target-id=JD_Chapter19.152" target="_parent">Chapter 19.152</a>, the following findings are made:</div>
</div>
<div class="Normal-Level">
<div>
1. That
the conceptual development plan attached to the application is
consistent with both the General Plan and any underlying zoning
designation which regulates the site;</div>
</div>
<div class="Normal-Level">
<div>
2. That
the conceptual development plan provides for an organized and unified
system of land uses and land use intensities which would be compatible
with the surrounding neighborhood;</div>
</div>
<div class="Normal-Level">
<div>
3. That
the conceptual development plan for a residential use ensures that the
proposed development provides adequate active and passive oriented open
space within the development to satisfy the needs of future residents
and, further, that the proposed development provides adequate
landscaping that will function in a manner which will enhance the
individual development and the community as a whole;</div>
</div>
<div class="Normal-Level">
<div>
4. That
the conceptual development plan ensures that the location of the site
with respect to major thoroughfares and uses outside the zone would not
create undue and unreasonable traffic congestion in the area;</div>
</div>
<div class="Normal-Level">
<div>
5. That
the conceptual development plan makes provisions for adequate parking,
waste disposal and undergrounding of utilities.</div>
</div>
<div class="Normal-Level">
<div>
D. Modifications. Any modification of the conceptual plan requires the submission of a rezoning application.</div>
</div>
<div class="Normal-Level">
<div>
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)</div>
</div>
<a href="https://www.blogger.com/null" name="LPTOC5"></a><br />
<div class="Section">
<div>
<a href="https://www.blogger.com/null"><img alt="Bookmark" border="0" height="16" src="https://library.amlegal.com/alp_templates/images/ui-bookmark.gif" width="16" /></a><a href="https://www.blogger.com/null" id="JD_19.80.050" name="JD_19.80.050" title="19.80.050"></a>19.80.050 Development Permit.</div>
</div>
<div class="Normal-Level">
<div>
Process
and Review Authority - Prior to any development within a planned
development zoning district, the applicant must obtain a development
permit approving the development pursuant to the requirements of <a class="Jump" href="http://library.amlegal.com/nxt/gateway.dll?f=jumplink$jumplink_x=Advanced$jumplink_vpc=first$jumplink_xsl=querylink.xsl$jumplink_sel=title;path;content-type;home-title;item-bookmark$jumplink_d=california(cupertino)$jumplink_q=[field%20folio-destination-name:%27Chapter%2019.156%27]$jumplink_md=target-id=JD_Chapter19.156" target="_parent">Chapter 19.156</a>.</div>
</div>
<div class="Normal-Level">
<div>
(Ord. 14-2125, § 8 (part), 2014; Ord. 2085, § 2 (part), 2011)</div>
</div>
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This Code of Ordinances and/or any other documents that appear on
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1.800.445.5588.rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0tag:blogger.com,1999:blog-3752676373587573432.post-61597633650920776312018-03-09T11:40:00.000-08:002018-03-09T11:40:49.225-08:00City of Cupertino Zone P (CN, ML, Res 4-12)The listing at 10075 Imperial Ave falls under the pink zone in the City of Cupertino Zone Map, which corresponds to zoning of:<br />
P(CN, ML, Res 4-12)<br />
<br />
P stands for "Planned Development". The paragraph from the City of Cupertino website says:<br />
<br />
<h3>
<span class="subtitle">Mixed-Use/Planned Development Zoning Districts</span></h3>
<strong>Planned Development (P) Zoning District</strong><b><br />
</b>The Planned Development (P) Zoning District allows <b>flexibility </b>to
property owners and developers to propose any form of development from
<b>residential </b>projects to <b>commercial </b>and <b>office </b>projects or <b>mixed use</b>
projects. The ordinance lays out the approval process for development in
this zoning district.<br />
<a href="http://library.amlegal.com/nxt/gateway.dll/California/cupertino/title19zoning/chapter1980planneddevelopmentpzones?f=templates$fn=default.htm$3.0$vid=amlegal:cupertino_ca$anc=JD_Chapter19.80" target="_blank" title="Planned Development (P) Zone Ordinance">Planned Development (P) Zoning Ordinance</a><br />
<br />
ML stands for "Manufacturing Light". The paragraph for ML from the City of Cupertino website says:<br />
<br />
<strong>Light Industrial (ML) and Industrial Park (MP) Zones</strong><br />
The Light Industrial and Industrial Park zoning ordinance regulates
certain industrial uses which are incompatible with commercial and
residential uses or areas where development of light industrial parks
are deemed appropriate.
<a href="http://library.amlegal.com/nxt/gateway.dll/California/cupertino/title19zoning/chapter1972lightindustrialmlandindustria?f=templates$fn=default.htm$3.0$vid=amlegal:cupertino_ca$anc=JD_Chapter19.72" target="_blank" title="Light Industrial (ML) Zone Ordinance">Light Industrial (ML) and Industrial Park (MP) Zoning Ordinance</a><br />
<br />
rob4realtorhttp://www.blogger.com/profile/03936697867856606672noreply@blogger.com0