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What is “capped value”?

Capped value is the lesser of +5% or the Consumer Price Index (CPI) applied to prior year’s taxable value.  The formula to compute is: (Prior year’s taxable value – losses) x (5% or CPI, whichever is lowest) + additions = capped value.  The process continues until there is change in ownership (transfer) which would cause an “uncapping”.

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