What is meant by the term “taxable value”?

The term “taxable value” is a term used in California property tax law to describe the amount of value on which the owner of the property will be assessed taxes. This value is determined by the assessor in each county and is based on the market value of the property. The taxable value is generally lower than the market value of the property because it is calculated using a formula which takes into account factors such as the current state of the real estate market. The taxable value is then used to calculate the amount of property tax that is due on the property. This tax is typically paid on an annual basis and the amount of tax that a property owner pays is based upon the taxable value of the property. In the event that changes are made to the property, such as an addition or a remodel, the taxable value can be adjusted, resulting in a different amount of tax being paid.

Related FAQs

What is a tax deferral program?
What is tax lien foreclosures?
What is a property tax lien?
What is an appraisal district?
How are property values determined?
What is an assessment increase?
How can I dispute my property tax assessment?
How can I appeal a property tax assessment?
What is the due date for my property taxes?
What is a “circuit breaker” tax?

What is meant by the term “taxable value”?

Related FAQs

Related Blog Posts