Assessment Gap (Permanent Assessment Exemption)

The “Assessment Gap” serves as a permanent exemption from taxation and represents the difference between the 2012 market value and the 2012 capped value.

If you benefitted from the 3% cap in 2011 and 2012 you will be able to keep this savings until your home is sold or ceases to be your principle residence.

Assessment Spike Protection

This mechanism protects homeowners from unexpected assessment spikes.

Any increase greater than 10% will be phased in over time, making assessment growth much more stable and predictable.

New construction and/or major improvements are excluded from this protection.

If the real property is transferred in the current year, it is assessed at its real and true value for the following year.

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