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The Notice of Valuation says the Assessment Rate on my residential property is 7.96%…yet the noted change in value does not reflect this percentage, why?

April 26, 2017assessment noted Notice Property rate Residential valuation

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The Notice of Valuation says the Assessment Rate on my residential property is 7.96%…yet the noted change in value does not reflect this percentage, why?

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• 7.96% is the Current Assessment Rate for residential property, set by the State Legislature, not the percentage of Increase or Decrease in market value. This is the percentage of the estimated Market value upon which your property tax is calculated.