Property Tax Assessment Tips

Assessment Facts:

Your property has two values, the State Equalized Value (SEV) and the Taxable Value

Taxable Value and SEV are the same when you purchase a home

Taxable Value is what your taxes are based on and are capped once you purchase the house

Taxable Value cannot increase annually more than 5% or the rate of inflation, whichever is the lower of the two. (2004 was based on 2.3%, as defined by the consumer price index)

SEV is predominantly based on a 2-year sales comparison in your area

Traditionally, increases are not across the board, they are based on the specific area, home and acreage that you own

Property taxes are calculated by multiplying taxable value X millage rate

Special Assessments and special millages (for schools, police, local parks, etc.) raise the tax amount but not your taxable value

While Taxable Value is capped when you purchase your home, additions to the home are not

Investment property, second homes and commercial properties are taxed at a substantially higher millage rate. Primary residences receive discounted taxation.

Square footage recorded in the city vs. appraised square footage can differ
- The recorded square footage is based on living space (excludes non living space such as pantry or walk in closet)
- The appraised square footage is based on total space

New Construction has three phases of assessment
- Pre-construction/vacant land
- Partial land improvements
- Full land improvements