Attention California Homeowners Age 55+: How Proposition 60/90 Could Benefit You
By Kerrin N.T. Liu Introduction to California Proposition 60/90 If you are a California homeowner age 55 or older, you need to know about Proposition 60/90. Proposition 60 provides voter-enacted constitutional tax relief to ease the tax burden on California seniors downsizing or relocating their principal homes. Proposition 60 accomplishes this by offsetting the effects of Proposition 13 which limits property tax to 2% growth per year but, upon a change in ownership, requires a reassessment of the property at market value. As one can imagine, the new market value on a replacement home is likely significantly higher than compared to the owner’s sold home, which had the benefit of the Proposition 13 growth limit of 2% on taxable value. Proposition 60 provided property tax relief for seniors by preventing a property…