Ballot titles usually give voters some idea what the measure is about, but Proposition 19 is about so many things, it was given a vague title: Changes Certain Property Tax Rules.

California voters have approved Proposition 19, that gives exemptions to older homeowners, the disabled and wildfire victims and strips breaks from people who inherit homes but don't live in them.

The California Association of Realtors pitches Prop 19 as addressing the wildfire problem. But the measure’s primary impact would be incentivizing home purchases for anyone over age 55.

In 1978, California voters passed Proposition 13, placing a cap on property taxes, kicking off a nationwide anti-tax revolt and placing city and county budgets in a generation-spanning straitjacket.

The California Assn. of Realtors was the driving force behind Proposition 19, with real estate interests raising more than $39 million for its passage. Realtors are expected to benefit from ...