SEV - As stated in the Equalization timetable for 2023, the time period of the sales study for residential property assessments is from April 1, 2020 through March 31, 2022.
Taxable - Remember, unless there is a transfer of ownership, the definition of Taxable Value is the lesser of the SEV or the Capped Value, which is last year’s Taxable Value (adjusted for physical changes) multiplied by the CPI (=1.050% for 2023).
Since the beginning of Proposal A in 1994, overall increases in SEV have generally been greater than the increase in Taxable Value capped at the CPI. The longer a property has been owned and capped, the greater the gap between the SEV and Taxable Values.
See a Property Assessment Example