If you purchased your home in the prior year, your taxable value was "uncapped." Uncapping is part of a change made in the tax laws in 1994 with the passage of Proposal A. There are two values placed on property a Taxable Value, which is used to calculate your taxes and the Assessed or Equalized Value, which is 50% of fair market value. When there is a transfer of ownership, the following year the Taxable Value and Assessed Value become equal. Sometimes this will result in a sizable increase to your property taxes.
When there is a transfer of ownership a Property Transfer form must be filed with the Assessor's Office.
For a copy of Property Transfer Affidavit click here.