Proposition 60 and 90 Replacement Dwelling Benefit

Propositions 60 and 90 are constitutional initiatives passed by California voters. They provide property tax relief for persons age 55 and older by preventing reassessment when a senior citizen sells his/her existing residence and purchases or constructs a replacement residence worth the same or less than the original residence. This allows the senior citizen to continue to pay approximately the same amount of annual property taxes as before. The Assessor transfers the factored base value of the original residence to the replacement residence. For legal reference, see Section 69.5 of the Revenue & Taxation Code, available at http://www.boetaxes.ca.gov/property/.