California Proposition 60, Property Tax Assessments for Older Homeowners (1986)
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Proposition 60 authorized the California State Legislature to provide a special method of establishing assessed value for replacement residential property acquired by a homeowner over the age of 55. Namely, it allowed homeowners over the age of 55 to transfer the assessed value of their present home to a replacement home, if the replacement home was located in the same county.
To qualify for this treatment, the replacement had to be:
- Purchased or newly constructed as a replacement for the person's principal residence;
- Of equal or lesser value than the original property;
- Located within the same county; and
- Purchased or newly constructed within two years of the sale of the present property.
Proposition 60's official ballot summary said, "State Constitution Article XIII A, enacted as Proposition 13 in 1978, with certain exceptions, places a limitation on real property taxes equal to 1 percent of the value of its assessed value listed on the 1975-1976 tax bill. Property may be reassessed on change of ownership. This measure amends Article XIII A to permit the Legislature to allow persons over age 55, who sell their residence and buy or build another of equal or lesser value within two years in the same county, to transfer the old residence's assessed value to the new residence."
The fiscal estimate provided by the California Legislative Analyst's Office said:
- This measure has no direct state or local effect because it merely authorizes the Legislature to implement its provisions.
- If this measure is approved, and the Legislature enacts the laws for its implementation, the amendment would reduce property tax revenue collections. These revenue losses probably would amount to several millions of dollars per year, beginning in 1987-88. Cities, counties, and special districts would bear approximately 60 percent of the revenue loss.
- The remainder of the losses would affect school districts and community college districts. Under existing law, higher state aid would offset these losses. The State General Fund would bear the cost for the higher aid, beginning in 1987-88.