[birdawg]

Just received my notice I don’t understand something. My market value went down ten thousand but my assessed value went up ten thousand. Can someone explain?

[Bill14564]

Originally Posted by birdawg

Just received my notice I don’t understand something. My market value went down ten thousand but my assessed value went up ten thousand. Can someone explain?

You have a Save Our Homes benefit on your home which has kept your assessed value less than the market value. This year the market value went down but is still well above your assessed value due to that benefit. The benefit limits increases in the assessed value to only 3% per year.

Since your assessed value is less than your market value I would bet your assessed value increased by that 3% limit.