FAQ Tag: maximum assessed value
This is a common misperception. Actually, Measure 50 only limits Maximum Assessed Value (MAV) increases to 3% per year for unchanged property. It does not limit either Assessed Value (AV) or tax rates. Taxes may increase more than 3% due to: Changes in the tax rate for your Levy Code Area, such as when a … Continued
Maximum Assessed Value (MAV) was established by Ballot Measure 50 for the 1997-1998 tax year. MAV is the greater of 103% of the prior year’s assessed value (AV), or 100 percent of the prior year’s MAV, whichever is greater. MAV’s for properties that existed prior to 1995 were set based on the 1995-1996 Real Market … Continued
Your Assessed Value (AV) can increase for two reasons: An Exception Event Or if your previous year’s Real Market Value was lower than your Maximum Assessed Value and now your Real Market Value is more than your Maximum Assessed value. If so, you may see a jump in your Assessed Value, depending on how low … Continued
Assessed Value (AV) is the lower of last year’s Maximum Assessed Value (MAV) plus 3%, or the current Real Market Value (RMV). This value provides the baseline for your tax-bill calculation.