Capped Value (CAP): Last year's taxable value, less losses, increased by the amount of the Consumer Price Index (CPI) or 5%, whichever is lower, plus the value of new construction.
Consumer Price Index (CPI): Determined by the U.S. Bureau of Labor Statistics.
Assessed Value (AV): Half of the True Cash Value
State Equalized Value (SEV): County and State Equalization studies are performed after the local municipalities have finalized their assessment rolls which results in a factor applied to the assessed values.
Taxable Value (TV): The lesser of the SEV and the CAPPED Value. Property taxes are determined by multiplying the taxable value by the millage rate.
Personal Property: Personal Property is identified as the tangible assets of a business, inclusive of all related trade fixtures, though not real estate.