Ballot initiative: Local Taxpayer Protection Act to Save Proposition 13
Ballot initiative: Local Taxpayer Protection Act to Save Proposition 13
The Local Taxpayer Protection Act to Save Proposition 13
Why is it needed?
Court-created loopholes have allowed tax increases that are directly contrary to the plain language of Proposition 13. These rulings have cost Californians billions of dollars a year.
What it does?
The Local Taxpayer Protection Act to Save Proposition 13 makes clear:
- Local taxes for a special purpose require approval by two-thirds of voters to pass, even if proposed by an initiative backed by special interests.
- New real estate transfer taxes (which are like sales taxes on real estate) are prohibited, except for the modest 0.11% documentary transfer tax allowed prior to Proposition 13.
- Existing real estate transfer taxes (including Measure ULA in the City of Los Angeles) are repealed effective December 31, 2028, except the 0.11% documentary transfer tax allowed prior to Prop 13.
Important Disclaimer: The information and materials provided during this presentation is for general information purposes only. Absolutely no legal or tax advice is being given during this presentation. Keep in mind that every situation is unique, and the laws, rules and regulations are subject to change at any time. So, before acting, be sure to obtain tax and/or legal advice from your licensed professional.
