Sacramento - Assembly Majority Leader Chris Holden’s bill to provide property tax relief for California seniors was approved today in the state Senate on a vote of 36 to 0. It now goes to the Governor’s desk for signature.
AB 1378 would allow those over age 55 or the disabled to transfer the base value of their property to a new residence as long as the new house cost less than the old residence’s sale price.
“California seniors are more likely to move multiple times in their retirement years, back to walkable urban cores or to be closer to their own kids. Regardless of why seniors move, AB 1378 ensures that high property tax bills will not endanger the retirement savings of Californians,” explained Assemblymember Holden. “This simple measure will help California seniors on a fixed income, handle the growing cost of housing and do so at a minimal cost to the state.”