A proposal to exempt homeowners ages 60 and older from property taxes could cost local governments billions

"A new estimate from the nonpartisan Legislative Analyst's Office found that Kumar's exemption could trigger the loss of $12 billion to $20 billion annually in these key revenues across the state. Over time, these revenue losses would grow by 5 to 10% per year, the office's memo said. About half of the revenue losses would go to cities, counties and special districts. The other half would go to schools."

"The proposed measure, which was cleared for signature-gathering earlier this month, would exempt homeowners 60 years of age and older from paying property taxes if they have occupied their home as their principal residence for at least five years or lived in California for10 years. Kumar will need 874,641 signatures by Aug. 4 to qualify the measure for the November ballot. Property taxes currently raise about $100 billion annually statewide and are split among schools and local governments that use the money for services like police, parks, libraries and roads."

"Kumar, who has called himself a proven tax fighter in the past, did not respond to multiple requests for comment. He acknowledged to ABC-10 in Sacramento that there will need to be a little bit of adjustment and belt tightening at the onset to account for lost revenues. However, he said the loss will ultimately be justified. When you look at money going back into the pockets of seniors, they're"

Rishi Kumar launched a statewide ballot initiative to exempt homeowners aged 60 and older from paying property taxes after his county assessor campaign loss. The exemption would apply to homeowners who have occupied their principal residence for at least five years or lived in California for 10 years. Kumar must gather 874,641 valid signatures by Aug. 4 to reach the November ballot. Property taxes raise about $100 billion annually and fund schools and local services. The Legislative Analyst's Office estimates annual revenue losses of $12–$20 billion, growing 5–10% yearly, splitting roughly evenly between local governments and schools, with potential state costs to backfill school losses. Kumar acknowledged initial budget adjustments would be needed but defended the measure as returning money to seniors.

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