Prop 60 is (in most cases) a one-time only benefit that allows homeowners age 55+ to sell their principal residence, and transfer it's base year value to a property of equal or lesser value; thus saving potentially large amounts of tax expense. To qualify, a claim for base year value transfer must be filed with the Assessor's Office.
The eligibility requirements of Section 69.5 in Santa Barbara County are:
The original and replacement properties must both be in Santa Barbara county. (Some counties allow base year value transfers from other areas, but Santa Barbara is not currently one of them).
You, or spouse residing with you, must have been at least 55 years of age when the original property was sold.
Your original property must have been your principal residence eligible for the homeowners' or disabled veterans' exemption either at the time it was sold or within two years of the purchase or construction of the replacement property.
The replacement property must be your principal residence and must be eligible for the homeowners' exemption or disabled veterans' exemption.
The replacement property must be of equal or lesser "current market value" than the original property (subject to certain conditions).
The replacement property must be purchased or built within two years (before or after) of the sale of the original property.
To receive retroactive relief from the date of transfer, you must file your claim within three years following the purchase date or new construction completion date of the replacement property.