These constitutional amendments allow property owners to transfer their tax base from their current home (which has been held in check since the passage of Proposition 13) to a new property. But, there are limitations and restrictions.
First, you (or your spouse) must be 55 years old or severely and permanently disabled.
Second, the homes must be located in the same county (Marin County does not allow people from other counties to transfer their old tax base into Marin). Note that some counties do allow this--but, Marin says "No."
Third, the replacement property must be purchased within 2 years of, and for less than the property you just sold. However, the "equal or lesser value" requirement has a bit of flex--if you buy your new home within 1 year of the sale, you can go to 105% of the sales price; if you buy your new home in the second year after selling, you can go to 110%. In any event, please contact the County and/or California Board of Equalization.
Additionally, there are other requirements, such as the the application for the tax base transfer must be filed within 3 years of the sale, the sale must be one that triggers reappraisal (e.g., you can't do a parent/child transfer and then buy something else with the intention of carrying over your lower taxes), the property sold must have been eligible for the Homeowners Exemption or Disable Veterans Exemption.
You are strongly advised to contact the County, your accountant, and your lawyer if you have any questions. This foregoing is intended merely to shed light on the possibilities of tax base tranfer within Marin County and is not intended as, nor does it constitute, legal or financial advise.
For more information:
call: (415) 499-3793 (Marin County Assessor) or (916) 445-4982 (California Board of Equalization)
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