2010 ASSESSMENT INFORMATION
UNDERSTANDING PROPOSAL A IN A DECLINING MARKET (.pdf)
Here are some terms:
Assessed Value - The Assessed Value should represent 50% of the current true cash value of your property. Your property's value and the values of surrounding properties change, by use of Equalization sales studies. Studies can indicate increases or decreases to value, however, as studies are working with closed sales, (sales that have already occured), the values are not real time, (values may have a lag in time.)
Taxable Value - The Taxable Value is the number that your property taxes are calculated on. It is the last years Taxable, multiplied by the Consumer's Price Index (CPI), also known as Rate of Inflation, or 5% whichever is less, until property is transferred.
Increase to either Taxable and/or Assessed can occur when there is an alteration to the property. (New construction, addition or demolition all being examples of an alteration)
Uncapped - If you purchased the property in 2010, the taxable will be uncapped for the year 2011, causing the Taxable and the Assessed values to be the same.
Principal Residence Exemption - The Principal Residence Exemption status of a property is set as of May 1. This means that this must be the property you occupy for your principal residence on that respective date. Now known as Principal Residence Exemption or "PRE", formerly known as "Homstead Exemption".
To qualify for a P.R.E. the home should be the address from where you register to vote, where you show as your residence on your driver's license, and the address indicated on your income tax filing.
How does it effect taxes? If a 100% P.R.E. is applied, it exempts you from the 18 mills school operating.
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