The Only Sure Things in Life Are….Taxes. Property Taxes.

“Assessed values” are annually reviewed by the local Assessor. These are adjusted to reflect the current market values. Sale prices of the previous 2 years are used as indicators of market trend and state.

“Taxable value” is the amount that property owners pay taxes on. It is calculated by using the property value as of 1995. The value then changes using the Consumer Price Index (CPI) rate. It is not subject to the Assessor or Board of Review to amend.

Following the sale of real estate, the taxable value may uncap the tax amount. This is sometimes referred to as a “pop-up tax”. If there was any addition to or deletion from a property, it can change the taxable value directly. The taxable value can never exceed the assessed value.