The term “taxable value” was created in 1994 and relates to the increase of value that a home or property may be taxed on. Proposal A allows the taxable value to increase only by the rate of inflation or 5%, whichever is less.
The SEV (state equalized value) is determined by an assessor who calculates recent sales and other data in your area to reflect 50% of the true market value of your home. This number is adjusted up or down with the market.
It is important to remember that the amount that you owe in taxes is generated using the taxable value, not the SEV.
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