SENIOR ASSEMBLY PROPOSAL NO.22

INTRODUCED BY SENIOR ASSEMBLY MEMBER WHITE

 

LEGISLATIVE COUNSEL’S DIGEST

AP 22: PROPERTY TAXATION.

UNDER EXISTING LAW, THE ISSUANCE OF A BUILDING PERMIT TO RENOVATE A DWELLING RESULTS IN A REASSESSMENT OF THE ENTIRE PROPERTY FOR PROPERTY TAX PURPOSES. PURSUANT TO EXISTING LAW AND FINANCIAL INSTITUTIONAL PRACTICES RELATING TO REVERSE MORTGAGES, BOTH THE PROPERTY AND THE PROPERTY OWNER ARE REQUIRED TO MEET SPECIFIED REQUIREMENTS IN ORDER TO OBTAIN A REVERSE MORTGAGE.

THIS MEASURE WOULD MEMORIALIZE THE LEGISLATURE AND THE GOVERNOR TO ENACT LEGISLATION THAT WOULD EXEMPT PROPERTIES THAT NEED RENOVATION IN ORDER TO QUALIFY FOR A REVERSE MORTGAGE FROM REASSESSMENT OF PROPERTY TAXES FOR THE LENGTH OF TIME A SENIOR CONTINUES TO OCCUPY THE PROPERTY.

VOTE: MAJORITY.

 

AP 22: RELATING TO PROPERTY TAXES

WHEREAS, SENIORS ARE OFTEN ON FIXED INCOMES AND THE COST OF LIVING CONTINUES TO SPIRAL MAKING IT MORE DIFFICULT FOR THE SENIOR TO REMAIN LIVING INDEPENDENTLY; AND

WHEREAS, THE NEED TO PROTECT SENIORS IS SO EVIDENT THAT THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) SEES FIT TO OVERSEE A REVERSE MORTGAGE PROGRAM FOR THEIR BENEFIT; AND

WHEREAS, THE EXACT AMOUNT OF THE PROPERTY TAX INCREASE RESULTING FROM THE HOME IMPROVEMENT NECESSARY TO OBTAIN A REVERSE MORTGAGE MAY NOT BE IMMEDIATELY KNOWN TO THE SENIOR, MAKING IT MORE DIFFICULT TO ASSESS THE ADVISABILITY OF PROCEEDING WITH THE REVERSE MORTGAGE; AND

WHEREAS, IN ORDER FOR THE HUD PROGRAM TO BE MOST BENEFICIAL TO SENIORS, ANY PROPERTY TAX INCREASE NEEDS TO BE EXEMPTED FOR THAT PERIOD OF TIME WHICH THE SENIOR CONTINUES TO LIVE IN THE HOME; NOW, THEREFORE, BE IT

RESOLVED, BY THE SENIOR ASSEMBLY AND THE SENIOR SENATE, JOINTLY, THAT THE SENIOR LEGISLATURE OF THE STATE OF CALIFORNIA AT ITS 2006 REGULAR SESSION, A MAJORITY OF THE MEMBERS VOTING THEREFOR, HEREBY PROPOSES THAT NO ASSESSMENT FOR PROPERTY TAX INCREASE WILL BE PROMPTED BY BUILDING PERMITS ISSUED FOR THE PURPOSE OF RENOVATIONS REQUIRED FOR A DWELLING TO QUALIFY FOR A REVERSE MORTGAGE PROGRAM; AND BE IT FURTHER

RESOLVED, THAT THE SENIOR LEGISLATURE OF THE STATE OF CALIFORNIA RESPECTFULLY MEMORIALIZES THE LEGISLATURE AND THE GOVERNOR OF THE STATE OF CALIFORNIA TO ENACT APPROPRIATE LEGISLATION THAT WOULD ADDRESS THE CONCERNS SET FORTH IN THIS MEASURE; AND BE IT FURTHER

RESOLVED, THAT A COPY OF THIS MEASURE BE TRANSMITTED TO THE SPEAKER OF THE ASSEMBLY, THE PRESIDENT PRO TEMPORE OF THE SENATE, AND THE GOVERNOR OF THE STATE OF CALIFORNIA.

 

RN20061900205

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