Taxable Value Calculation

In most cases, the taxable value is calculated by multiplying the previous years taxable value times the Consumer Price Index or 5%, whichever is less.

There are two exceptions to this general rule as follows:
  1. Any new construction is added to the new taxable value.
  2. After a transfer of ownership occurs the next year taxable value will be equal to the State Equalized Value (SEV).