2 Newport Beach councilmen support proposed initiative

Paul Clinton

NEWPORT BEACH -- Two council members have put their names on a list of

supporters for a statewide property tax reduction measure.

Mayor Tod Ridgeway and Councilman Gary Adams, the previous mayor, both

said they supported the Homeowners and Renters Tax Relief Act, a

potential initiative on the March 2004 ballot.

The initiative has been proposed by the Howard Jarvis Taxpayers Assn.,

the group that successfully passed the landmark Proposition 13 in 1978.

The initiative established the so-called “homeowner’s exemption,” in

which $7,000 is removed from a home’s value before county assessors

determine the property tax rate.

Proposition 13 also capped county and local taxes with a 1.2% rate.

The group’s new proposed initiative would raise the exemption to

$32,000, which would save the average homeowner $250 per year.

Renters would also benefit -- with a rebate of $125 or $250 per

couple.

Ridgeway said the act could benefit many Newport Beach homeowners.

“It is a direct benefit for all our citizens,” Ridgeway said.

“Twenty-five percent of Newport Beach homes are owned by senior citizens

that predate Prop. 13.”

Ridgeway, who said he has contributed to the effort, said he wouldn’t

stump across the state to support the measure.

Both councilmen said they would help in the circulation of the

measure, which will begin later this month.

“This is something we felt we could get behind,” Adams said. “We’re

endorsing it.”