Prop 5: Property Tax Transfer Initiative

Proposition 5 would amend Proposition 13 (1978) to allow homebuyers who are 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; the new home’s location in the state; or the buyer’s number of moves. NBC4’s Conan Nolan explains.