Assessment Change Notice, Know Where You Stand

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PTC Blog

November 1, 2016
//   Jack Aylsworth

Assessment Change Notice, Know Where You Stand

Each year the Assessor is tasked with appraising your parcel. You will get an Assessment Change Notice in the mail in February that states your SEV (State Equalized Value) and Taxable Value as of December 31, which is Tax Day. There are important pieces of information located on this form that you need to understand. 

 

STATE EQUALIZED VALUE INCREASE OR DECREASE

The SEV will increase, decrease or stay flat depending on how the Assessor believes market values are trending for that tax year. There is no correlation to your annual tax burden and the SEV, UNLESS you had a transfer of ownership in the previous year (here's a guide on Transfer of Ownerhip). Your SEV is 50% of the Assessed Market Value for your property, and the millage rate is multiplied against your Taxable Value NOT the SEV.  

 

TAXABLE VALUE INCREASE

It is very likely that your Taxable Value is different than your SEV. This happens when you have owned your property for more than one year. Taxable Value can only increase by the CPI (consumer price index) or 5%, whichever is less, each tax year. There are two reasons your Taxable Value is important. First, it is the driver of your annual tax burden. Second, it can be impacted by discussing value with the Assessor or navigating the tax appeal system. You need to determine if your property is worth LESS than the Taxable Value X 2 before engaging in any attempt at reducing your annual tax burden. 

 

MARCH BOARD OF REVIEW DATES

One of the most important pieces of information on this notice are the March Board of Review dates. If you need to protest value or request a Principle Residence Exemption that you qualify for, you need to attend this meeting. There are usually three meeting times for the March Board of Review. Documentation and supporting information is required for a successful discussion of value. For errors and other exemptions, the Assessor should advise you on the appropriate documentation. 

 

There’s a lot of information on the Assessment Change Notice. You will recognize the document from the bold heading of “THIS IS NOT A TAX BILL”. It’s ugly, but this form can help you know where you stand with your taxing authority, and provide you with the first steps to take to make a change.

 
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