Are there limits on valuation increases?

The total value determined by the assessor for real property each tax year is based on market value of the property in the prior year. For example, your 2011 Notice of Value will reflect a 2010 market value. Under state law, valuation increases on residential property must not increase more than 3% per year of the prior year's assessed value. The limitation does not apply to:

Property that has changed ownership due to a sale. In the event of a sale, the valuation cap is removed in the tax year after the sale and the valuation must be changed to reflect market value. Property that is placed on the tax rolls for the first time. Any new improvements made to a property (i.e. additions, outbuildings, etc.) Property whose use or zoning has changed.

Show All Answers

1. Should I notify the assessor of a change in mailing address?
2. What does property valuation mean?
3. How are the changes in the value of my property determined?
4. What is the notice of valuation?
5. When is the notice of value mailed?
6. Why did my property value increase 3%?
7. Are there limits on valuation increases?
8. When can I protest my valuation as determined by the assessor?
9. What is the protest process if I disagree with the assessor’s valuation?
10. May I review my records at the assessor’s office for my protest?