Partnership supports Prop 4: Bond for Children's Hospitals and Prop 5: Property Tax Transfer
IRWINDALE - The San Gabriel Valley Economic Partnership has voted to support two key statewide ballot measures - Proposition 4, a $1.5 billion bond to support services and capital improvements at children's hospitals around the state and Proposition 5, an initiative that will allow homeowners to transfer property tax protections when they purchase a new home. These positions were approved by the Partnership's Legislative Action Committee which meets monthly throughout the year.
Proposition 4 places a $1.5 billion general obligation bond before voters to fund capital improvements for hospitals in California that specialize in pediatric care. These funds can be used to purchase new equipment and install new technologies for care and treatment as well as build or renovate existing facilities to expand capacity. Other hospitals may apply for funding from the measure to improve their health care services for children.
Proposition 5 will allow all homeowners who are over 55 (as well as others that meet certain qualifications) to transfer their current property tax savings to new homes if they should decide to move. Current state law moves new home buyers to a higher property tax rate upon the purchase of a new residence. Prop 5 will enable greater mobility for older residents of California by allowing them to carry with them their property tax protections if they should decide to change residences or downsize to a smaller living situation. Greater mobility in the housing market should make more housing stock available to prospective home buyers.
For more information on these two measures, contact Brad Jensen, Director of Public Policy at the Partnership, firstname.lastname@example.org.