What happens when you purchase a home?

When a property, or interest in a property, is transferred, the following year’s State Equalized Value (SEV) becomes that year’s Taxable Value (TV). In other words, if you purchase property, your Taxable Value for the following year will be the same as the SEV. The Taxable Value will then be “capped” for the second year following the transfer of ownership.

Show All Answers

1. What are property taxes based on?
2. What Is Assessed Value?
3. What Is State Equalized Value (SEV)?
4. What is Taxable Value?
5. What is a notice of assessment?
6. How are property taxes calculated?
7. What happens when you purchase a home?
8. What is a principal residence exemption?