Homes in the Luckey Ranch subdivision are seen in a Tuesday, Nov. 1, 2022 aerial photo. Transcendent Electra, a joint venture formed last year has announced plans to buy and develop $3 billion of single-family rental housing over the next three years and already has a concentration of homes for rent in in the Luckey Ranch area.
The latest House version combines the two ideas, keeping the tightened appraisal cap and hiking the homestead exemption to $100,000 for all homeowners. Over-65 and disabled residents could shave off an extra $10,000. As in the earlier drafts, the latest House plan would use $12 billion in state revenue to essentially replace, or buy down, local school property taxes. That is the main source of tax relief in a plan that amounts to $16.3 billion in cuts, state budget staffersThat would translate over the next two years to $2,843 in average savings for the owner of a $350,000 home, according tofrom Phelan’s office. The totals appear to include an added $5.
Patrick has argued the existing protections essentially remove appraisals from the equation, rendering the House plan useless in lowering property tax bills. He’s alsofor Phelan, “California Dade,” an allusion to that state’s voter-approved 2 percent appraisal cap, Proposition 13, that famously upended the housing market.