I recently purchased a home. Will my taxes on this property be about the same amount as the prior owner’s taxes?

Until 1994, property was valued for tax purposes at half its market value. This is called “State Equalized Value” or SEV. In 1994 voters passed Proposal A, which limited the growth of property tax assessments. The formula under Proposal A keeps the taxable value of a property from growing as fast as the SEV. This gap can increase over time. However, in the year following an eligible transfer of ownership, the taxable value is uncapped and is made equal to the SEV, but only for that year following the transfer of ownership.

When a parcel is uncapped there could be a substantial increase in the tax depending on the difference between the taxable value and the State Equalized Value of the property.

Show All Answers

1. What is the difference between the assessed value and taxable value of my home?
2. How is my assessed value calculated?
3. How is my taxable value calculated?
4. How can I expect my assessment to change in 2022?
5. I just purchased my home. Shouldn’t the assessed value be half of what I paid?
6. I recently purchased a home. Will my taxes on this property be about the same amount as the prior owner’s taxes?
7. My neighbor and I have very similar homes. Why is my tax bill higher than theirs?
8. Why did my taxes go up this year?
9. How can I find out what information you have on my property or on my neighbor’s property?
10. What can I do if I disagree with the assessed value or taxable value placed on my property?