The California Association of REALTORS® strongly OPPOSES Assembly Bill 1771, authored by Assemblymember Chris Ward, which attacks private property rights by imposing up to a 25% tax on the gain from selling a home or other real property — diminishing freedom to move or relocate, housing supply, economic security and opportunity to grow intergenerational wealth for new homebuyers.
Assembly Bill 1771 by Assemblymember Chris Ward attacks property rights with a proposed tax on the sale of a home in the first seven years after purchase. If the home were to be sold within the first three years, the tax would impose a punitive 25% tax. This legislation would result in higher prices due to a reduced supply of homes. AB 1771 will also limit wealth-building opportunities for California’s new and more diverse population of homeowners.*
If passed, this will become law on January 1, 2023.
* Posted with permission from California Association of Realtors.
Erin Blakeslee DRE 01912347 Coldwell Banker Realty 310.308.4256 erin@erinblakeslee.com erinblakeslee.com