Notice of Assessment

Understanding Your Notice of Assessment, Taxable Valuation, and Property Classification

Every February, the City mails a Notice of Assessment, Taxable Valuation, and Property Classification to all property owners. While the top of the form clearly states “THIS IS NOT A TAX BILL”, it’s still an important document to review.

Here’s how to understand what you’re seeing—and why it matters:

Why This Notice Is Important

This notice includes your Taxable Value, which is used to calculate your property taxes for the year. It also outlines how your property is classified and whether you qualify for any exemptions.

It’s essential to review this notice carefully—especially if you recently bought the property—to ensure all the information is accurate.

What to Look For on the Notice

1. Exemptions Table

At the top of the form, you’ll see any exemptions your property qualifies for.

  • If this is your primary residence, it should show a 100% Principal Residence Exemption (or a proportionate amount if it's a multi-family property).

  • Mistakes can happen—especially after a property changes hands—so it’s smart to verify this section.

2. Property Classification

This section shows your property's classification (e.g., residential, commercial, etc.).

  • This does not affect how you can use the property.

  • It’s used for state equalization purposes to ensure consistency across jurisdictions.

3. Value Summary Table

This is the most important part of the notice—and often the most confusing.

  • Taxable Value
    This is the number used to calculate your taxes. It's multiplied by your local millage rate.

    • By law, Taxable Value can only increase by the rate of inflation or 5%, whichever is lower—unless there was a transfer of ownership or significant improvements.

    • When you purchase a property, the Taxable Value "uncaps" and becomes equal to the Assessed Value. The following year, it is capped again and increases only by inflation.

  • Assessed Value & SEV (State Equalized Value)
    These values estimate the market value of your property.

    • Assessed Value is typically 50% of your market value.

    • SEV is the Assessed Value adjusted by an equalization factor, applied by the County or State to correct for inequities in assessment practices.

Note: SEV and Assessed Value are not capped and may rise or fall with the market.

Understanding the "CHANGE" Column

  • The CHANGE column shows the difference between last year’s and this year’s values.

  • It does not represent your change in actual tax dollars.

  • Your actual tax bill will be based on your Taxable Value multiplied by the millage rate, which is set later in the year.

Questions or Concerns?

If you disagree with your property’s assessment, you have the right to appeal to the March Board of Review. Details on how to schedule an appointment are included in the notice and posted on our website.