What is taxable value?

Proposal A placed a cap on increases in taxable (capped) value for every parcel.  Taxable value will rise 5% or the Inflation Rate Multiplier, whichever is less.  Capped value formula equals, prior years taxable value, minus losses multiplied by the Inflation Rate Multiplier plus additions.

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1. What is the process to appeal my property assessment?
2. What are the requirements for a PRE (Principal Residence Exemption)?
3. Will my multiple property all qualify for a PRE exemption?
4. What are the requirements for the PRE qualification?
5. What is taxable value?
6. What is fair market value?