Here is some additional information on prop 60 regarding increases for inflation. You can get a 5% or 10% increase with certain time limits. There is a prop 60 specialist on Greg Smith's staff at the San Diego County Recorder/Assesors office. Call 619.531.5507 and ask to be put through to that person. You should also see information about prop 90 if you are considering buying a replacement home in another county or transferring from another county to San Diego. See link below.
Citizens 55 years of age or older can sell their existing home and buy a residence of equal or lesser value and transfer the current taxable value to their new property. This provides property tax relief for seniors by preventing a tax increase if they sell an existing home in California and buy another. You did not mention the value of your current home but you may be able to purchase that new home at $650,000 and transfer your tax base if the value of your current home is $650,000 or higher.
I hope that you found this information helpful. If you would like to know more about how California Propostions 60 and 90 may benefit you, please feel free to contact me.
Seniors Real Estate Specialist, SRES