California Voters Decide on Real Estate Tax Cap

0:00It's April 22nd. I'm Cory with the story, and this is California News Today, local news powered by AI. California voters will decide in November on the local taxpayer protection act, a measure that caps city transfer taxes on real estate sales at 5. 100 of 1% and requires a 2-thirds vote for some local tax hikes. Backed by the Howard Jarvis Taxpayers Association, it's cleared enough signatures to hit the ballot after years of effort. This hit hard at places like Los Angeles where the mansion tax or measure ULA charges 4% on sales over $5 million and 5.5% above 10 million. Passed by voters in 2022 with 58% support, it's pulled in over $1 billion in three years, funding hundreds of. Millions for affordable housing, but developers and business groups blame it for slowing new builds, including apartments and condos compared to nearby cities. Anti-tax folks see it as the main target

1:02with the proposition potentially wiping it out and saving taxpayers a couple billion statewide each year. Now Sacramento Democrats are eyeing deals to yank it off the ballot before the June 25th deadline, like past soda tax fights. In Los Angeles, the city council kicked tweaks to a committee, like exempting new affordable projects or nonprofits. Some needing voter OK in. November, expect more backroom talks as campaigns heat up with real-estate money fueling the push, but locals pushing fixes first to dodge statewide drama.