In 1994 Proposal A brought significant changes to the State’s Property Tax System. However, Proposal A did not change standard assessment practices; all real and personal property must still be assessed at 50% of its true cash value. Proposal A created a different value (taxable value) for property taxes to be calculated on. Taxes are based on taxable value not state equalized value (SEV). Proposal A also requires homeowners to file a Principal Residence Exemption Affidavit and Property Transfer Affidavit.