What is taxable value?
Taxable Value is the amount on which a property owner pays property taxes. Taxable Value is the lesser of Assessed Value (SEV) or the prior years taxable value minus losses, increased by the lesser of 5% or the Consumer Price Index, plus Additions. A transfer of ownership will change the Taxable Value to the Assessment in the years succeeding the transfer of ownership. Losses are the removal of property, such as removal of a garage. An Addition includes finishing a basement, building a deck, and other improvements.
Taxable value is the value used to compute your tax bill. It is a completely separate value from SEV. It is guaranteed to increase yearly despite what the current market trends are. The treasurer multiplies this value by the tax mill rates, approved by voters, and produces the tax amount on your tax bill. The taxable value was created with passage of Proposal A in 1994.
