A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by amending Section 2 of Article XIII A thereof, relating to taxation.

The California Constitution generally limits ad valorem taxes on real property to 1% of the full cash value of that property. For purposes of this limitation, "full cash value" is defined as the assessor's valuation of real property as shown on the 1975–76 tax bill under "full cash value" or, thereafter, the appraised value of that real property when purchased, newly constructed, or a change in ownership has occurred. The California Constitution authorizes the Legislature to provide that a severely disabled person and a person over 55 years of age may transfer the base year value, as defined, of property that is eligible for the homeowner's property tax exemption to a replacement dwelling that is of equal or lesser value located within the same county as the property from which the base year value is transferred, and, if a county ordinance so providing has been adopted, to a replacement dwelling that is located in a different county. This measure, on and after January 1, 2019, would instead allow the base year value of property eligible for the homeowner's exemption of any person aged 55 years or older or who is severely disabled to be transferred to any replacement dwelling, regardless of its value or whether it is located within the same county. The measure, on and after January 1, 2019, would also allow for such a transfer of base year value of property eligible for the homeowner's exemption of any person younger than 55 years of age, but only one such transfer while that person is younger than 55 years of age.