Property Assessment Methodology
Now what are these values and what do they mean…
- Assessed Value (AV): 50% of the usual selling price (market value) or true cash value of your property
- State Equalized Value (SEV): the assessed value as finalized by the County and State Equalization Process. In most cases, the SEV and AV will be the same
- Capped Value: last years taxable value minus any losses (i.e.: demolition), increased by the consumer price index (CPI) or 5%, whichever is least, plus any additions (i.e.: new construction)
- Taxable Value (TV): simply the lesser of the State Equalized Value and the Capped Value