My neighbor and I have very similar homes. Why is my tax bill higher than theirs?

As mentioned above, there are two distinctly different numbers associated with each property. The SEV represents half the property’s market value and taxable value which is a multiplier in your tax bill. If you have a home that is truly similar to your neighbor’s home your SEV should be about equal to theirs; however, the taxable values would probably not be the same.

Since the passage of Proposal A in 1994 the Taxable Value is used to calculate tax bills. Each taxable value will depend on the capped value formula and whether or not there has been a transfer of ownership or a change in the CPI. The taxable value calculation is also subject to any additions and/or losses to the property. SEV and taxable value are not the same and should not be compared when calculating a tax bill.

The calculation for your tax bill is as follows: Taxable value times voter approved millage rate equals property tax bill.

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?