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Assessed value is 20% of value, not all property is at 20% due to limitations set by Amendment 79. If real estate is not at 20% of the value, the increase will be 5%, 10% or no increase. (New construction, newly discovered, change in use or substantial improvement does not qualify for limitation it will be assessed at 20% of its value.)
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Amendment 79 provides up to a $350 tax credit on your principal place of residence and limits how much the assessed value can increase.
There are 3 ways to apply for the homestead credit, they are as follows:
No, once you qualify for the credit it will remain on the property as long as it remains your principle place of residence. If the status changes it is the responsibility of the property owner to notify the Assessor’s office of the change.
No, the owner must fill out a homestead application.