Proposition 60: Transfering Your Tax Base if 55 Years +

Looking to purchase a new home but concerned about higher property taxes? Look no further than Proposition 60 if you are over 55 years old. Homeowners who are at least 55 years of age may sell their homes and transfer their present base year property tax value to another home of equal or less value. The new home must be in the same county, or in a county that allows Proposition 60 to be used. The base-year property value is whatever the value of the home was on March 1, 1975, or in the year they purchased the property after that time. Thus, they are allowed to continue with the original figure as their tax base, adding a maximum of 2% every year, to arrive at their tax bill, rather than be required to step up to 1% of the value of their new purchase.