As a Los Angeles real estate agent, there are a handful of questions that I am continually asked.  One common question is how a 55+ year old can transfer their current property tax basis to a new home.

Proposition 60 allows seniors (age 55+) to transfer the tax base from their current home to a less expensive replacement home in the same county*.  At present, this is a one time tax reprieve that generally requires the purchase of the less expensive residence within two years from the sale of the original property.  Both homes must be the principal residence.

Proposition 90 relates to transfers of base value from one participating* California county to another. 

*Participating counties include: Alameda, Los Angeles, Orange, Santa Clara, San Diego, San Mateo and Ventura.

More specific details may be found on the Los Angeles County Tax Assessor’s web site.