As a California resident, you will want to learn about Proposition 60. This is a constitutional initiative passed by California voters.  It provides property tax relief 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. 

The replacement property must be the owner's principal residence and eligible for the Homeowners' Exemption. The original property, at the time of its sale, must have been eligible for the Homeowners' Exemption, or entitled to the Disabled Veterans' Exemption.

The seller of the original residence, or a spouse residing with the seller, must be at least 55 years of age, as of the date that the original property is transferred.

The replacement property must be of equal or lesser "current market value" than the original.

Several counties have passed similar Proposition 90 local option ordinances. If your original home is in Placer County, and you want to relocate in another county, contact that county for Proposition 90 eligibility. Counties participating currently in Proposition 90: Alameda, Modoc, San Diego, Kern, Orange, San Mateo, Los Angeles, Santa Clara and Ventura.  (Call the county where you will be moving to check if there have been additional counties participating.)

The replacement property must be purchased or newly constructed within two years (before or after) of the sale of the original property.

The owner must file an application within three years following the purchase date or new construction completion date of the replacement property.

This is a one-time only filing. Proposition 60/90 relief cannot be granted if the claimant, or spouse, was granted relief in the past.

Proposition 60/90 relief includes, but is not limited to: single family residences, condominiums, units in planned unit developments, cooperative housing corporation units or lots, community apartment units, mobile homes subject to local real property tax, and owners' living premises which are a portion of a larger structure.

In most instances, if more than one owner of an original property is eligible for Proposition 60/90, they must choose among themselves which one will use the benefits.