What is uncapping?

Under Proposal A, a property is "uncapped" in the year following a transfer of ownership and the taxable value becomes equal to the assessed value. This can sometimes create a significant change in taxes for a new property owner in the first year of ownership. After the first year, the taxable value is again "capped" and the subject only to increase by the inflation rate or 5%, whichever is less, unless there is an addition to the property or omitted property.

Show All Answers

1. What is the difference between assessed value and taxable value?
2. How is my assessed value determined?
3. How are my property taxes calculated?
4. What is uncapping?
5. Someone from the Township already inspected my new garage. Why are you contacting me again?
6. What if I see Township personnel on my property taking pictures or measurements?
7. How do I split or combine land?