Assessed value is 20% of value, not all property is at 20% due to limitations set by Amendment 79. If real estate is not at 20% of the value, the increase will be 5%, 10% or no increase. (New construction, newly discovered, change in use or substantial improvement does not qualify for limitation it will be assessed at 20% of its value.)
- 5% increase: Principle place of residence.
- 10% increase: All property this is not your principle place of residence.
- No Increase: Principle place of residence, you are 65 or older or you are disabled (proof of age, proof of disability must be provided in order to qualify for the freeze.)