3 ms·
The increase of the taxable value of residential properties is capped at 5% (or inflation if it is lower). When a property is sold, it resets to the assessed va
by maxerickson 5y ago
The increase of the taxable value of residential properties is capped at 5% (or inflation if it is lower). When a property is sold, it resets to the assessed value.
The 2x factor increases the taxes paid by people who own properties with a taxable value less than the assessed value.