PROP 60 AND WHY IT IS BECOMING MORE IMPORTANT
Proposition 60 pertains to a regulation passed in California in 1986. It pertains to someone over the age of 55 who sells a house that has a tax assessment that is very low in comparison to the current fair market value. This is due to the restrictions placed on property tax increases by Prop 13.
The homeowner would like to sell and buy another home, but they would like to keep their current low assessment. This law allows them to sell and buy another home for as much or less than their sales price.