The Assessment Rules
•Four Tax Classes
•Properties in Each Tax
Class Must Be Assessed At a Uniform
Assessment Ratio
–Small Homes at 6% of Market Value
–All Other Tax Classes at 45% of Market Value
•Assessments for
Residential Properties with Less than 11 Units Are Capped at 6% or 8% Per Year and 20% or 30% Over 5 Years
•Assessment Changes for
Residential Properties with More
than 10 Units and Commercial Properties Must be Phased-In Over 5 Years
•Assessments are Not
Capped or Phased-In for Owners Who
Renovate Their Properties