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The state equalized value is based on 50% of market value as required by State law. Although numerous factors are considered by the Assessor's Office in arriving at the initial market value of a property, increases in market value from neighborhood as well as additions, remodeling, etc. These increases in market value result in an increase in assessed value (Tentative SEV). The sale price of an individual property does not necessarily determine its market value and property is not assessed at 50% of a sale price. After the assessment rolls of local jurisdictions are reviewed and approved (the equalization process) by the County and State, the assessed value becomes the State Equalized Values. SEV's are not subject to a "cap".
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