If you are a California property owner and are thinking of selling your home and either you or your spouse are 55 years or older, then you may be eligible for Proposition 60/90 which will allow you to buy a new home and maintain the same property tax assessment as your current residence.
• Prop 60 allows replacement of a primary residence with a new home of equal or lesser value along with the transfer of the Prop 13 assessed value from the old home to the new home.
• Prop 90 allows counties to elect to accept transfers of Prop 13 values for moves from other counties when a primary residence is replaced with a less expensive home.
As of December 28, 2010, there are eight counties which participate and accept Proposition 90. They are Alameda, El Dorado, Los Angeles, Orange, San Diego, San Mateo, Santa Clara and Ventura.
The following are eligibility guidelines for the Prop 60/90 “Senior Exclusion”: