Alert against Ca Bill AB 1771

By
Real Estate Agent with HomeSmart Realty West CA01938972, CA-DBO1483386

The California Association of REALTORS® strongly OPPOSES Assembly Bill 1771, authored by Assembly member Chris Ward, which attacks private property rights by imposing high taxes on the gain from selling a home or other property -- diminishing wealth opportunities, the freedom to move or relocate, and the housing supply.

 

AB 1771 proposes an unprecedented tax on the sale of a home in the first seven years after purchase. If the home was sold within the first three years, the tax would impose a punitive 25% tax!!! AB 1771 proposes to punish homeowners for simply deciding to move, all while the State of California enjoys a $45.7 billion surplus this year! AB 1771 seeks to raise taxes on our state’s diverse communities as they are entering the housing market and securing home ownership opportunities. 

 

Specifically, AB 1771 would result in: 

  • increased taxes on homeowners;
  • higher prices due to a reduced supply of homes as investors hold on to properties and homeowners are trapped in their homes;
  • limited wealth-building opportunities for California’s new and more diverse population of homeowners.

 

Watch out real estate agents in the 49 other States; this could be infectious and become an issue in your State.

I have written and called my California State representatives to express my disagreement with this legislation. If you are a California resident, I hope you will too!

Be proactive!  

To learn who represents you, click here

The long reach of politicians into our wallets must stop here!

Posted by

Sandy Padula & Norm Padula, J.D., GRI
CA DRE# 00902455 &  CA DRE#01938972, FL Bkr# 3090255 & NMLS#1483386

Home Smart Realty West

Lend Smart Mortgage, Llc.

760.985.2055  Sandy
858.444.7060 & Norm

SDLuxHomes.com

PRESENCE ~ PERSISTENCE ~ PERSEVERANCE

 

 

 

Comments (8)

Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Great info to share, thank you. I'm spreading the word too!

Apr 02, 2022 07:46 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

We need to start voting people like this out of office... but somehow they seem to hang on.

Apr 02, 2022 12:22 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sandy Padula and Norm Padula, JD, GRI I can't understand for the life of me why anyone would want to live in a state like CA which keeps on coming up with new was to extort money out of peoples pockets!!!

Apr 02, 2022 12:44 PM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

This kind of information always leaves me shaking my head in disbelief.  One always feels there has to be more to the story, yet there never seems to be.  Mark

Apr 02, 2022 01:08 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Norm,

Amazing how those politicians sticky fingers never relax...As Nina Hollander, Broker stated, we need to get those people out of office.  A

Apr 02, 2022 02:44 PM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is not good at all.  I think in Arizona we get exemptions up to $250K or more depending on how the home is owned.

Apr 03, 2022 06:33 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Awful, 

it appears they would like to destroy the real estate industry and private housing ownership.

Apr 03, 2022 01:09 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Wow, another political effort to get more money out of the people as they continue to allow the borders to be overrun by illegals - somebody has to foot the bill to financially support them!

Apr 12, 2022 04:22 PM