Transfers of Ownership

Proposal A eliminated the double-digit increases in taxes by placing an annual limit on any increase to 5% or the rate of inflation, whichever was less. All properties still have an assessed value, which is still 50% of market value. However, we now base property taxes on taxable value. The limit or cap on increases in taxable value remains in effect each year, except if the property's ownership is transferred. In that case, we increase the taxable value to equal the assessed value. The taxable value can never be greater than the assessed value. A Property Transfer Affidavit (PDF) must be filed whenever real estate or some types of personal property are transferred (even if you are not recording a deed).