FAQ Tag: ballot measure 50

What is a property tax “exception event”?

Ballot Measure 50 limits Maximum Assessed Value (MAV) increases to 3% per year except under certain circumstances including, but not limited to: New construction/additions of more than $10,000 in one year or $25,000 over 5 years Remodel or significant rehabilitation of more than $10,000 in one year or $25,000 over 5 years Partitioning or subdivision … Continued

How is my Maximum Assessed Value (MAV) determined?

Maximum Assessed Value (MAV) was established by Ballot Measure 50 for the 1997-1998 tax year. MAV is the greater of 103% of the prior year’s assessed value (AV), or 100 percent of the prior year’s MAV, whichever is greater. MAV’s for properties that existed prior to 1995 were set based on the 1995-1996 Real Market … Continued