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What is taxable value?
Taxable value is the value used to calculate your tax bill. The taxable value is adjusted annually as the lesser of assessed value (market based - determined by the Assessor) and capped value. Capped value is the prior year's taxable value, less taxable value of losses, capped by an increase of the lesser of 5% or the rate of inflation, plus assessed value of additions. Taxable value is uncapped when property is sold or transferred.