Propositions 60 & 90
Proposition 60 allows homeowners, 55 years of age or older, to transfer the Proposition 13 tax base value of their sold principle residence to a newly purchased residence in the same county.
The new residence must be of equal or lesser value than the original residence.
The new residence must be purchased, or newly constructed, within 2 years (before or after) the sale of the original residence.
This transfer is allowed only once in your lifetime.
Proposition 90 allows the tax base transfer, as explained above, to occur when the sold residence and new residence are not located in the same county.
Proposition 90 is a "local-option" law, each county has the option of participating. Currently (as of 6/1/2008) only Santa Clara, Alameda, San Mateo, Orange, Los Angeles, San Diego, and Ventura have adopted Proposition 90. Contra Costa, Inyo, Kern, Riverside, Modoc, Monterey, and Marin have dropped out of the program. Participating counties could change at any time.
For more details contact the County Assessors Office and your tax advisor.