What is Capped Value?

Capped Value is a calculation of the previous year's Taxable Value multiplied by the Inflation Rate Multiplier and adjusted for any physical changes in the property. (The inflation rate multiplier is based on a two year average of the Consumer Price Index (CPI)). The Inflation Rate Multiplier for 2014 is 1.016.

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1. What is Assessed Value?
2. What is Capped Value?
3. What is Taxable Value?
4. What is State Equalized Value?