Increase & Decrease
If you have owned your home for more than a year, increases in your property’s taxable value are limited by the Consumer Price Index (CPI) or 5%, whichever is less.
Your taxable value can increase even if your state equalized value decreases or stays the same. As long as your taxable value is lower than your state equalized value, you will see an increase in your taxable value. The assessor must also add new construction, such as a new garage or addition, to your taxable value.
In the year immediately following a transfer of ownership, the assessor must adjust the property’s taxable value to 50% of its market value. In other words, the assessor must "uncap" the taxable value the year following a transfer of ownership.