Assessed Value (AV) - AV is 50% of the usual selling price or true cash value of your property.
State Equalized Value (SEV) - SEV is the assessed value as finalized by the county and state equalization process. In most municipalities the SEV and AV will be the same.
Capped Value - The capped value will be the prior year's Taxable Value minus losses increased by the consumer price index or 5% whichever is less, plus additions.
Losses are a component of your property which is physically removed. for example, the removal of a garage.
Additions are a component of your property which is physically added. For example, adding a family room or finishing a basement.
Taxable Value (TV) - Taxable Value is simply the lesser of State Equalized Value or Capped Value.