Does the law limit the amount property value can increase from one year to the next?
No. The law requires current market value as of Jan. 1 each year. This may mean a large or a small decrease or increase in value from the previous year. The market value of all properties in your neighborhood may have increased or decreased from the previous year, or the assessor may have discovered better information resulting in the decrease or increase in the estimated value of your property. Contact us if you need more information.
