For all properties sold during the prior year, the current year Taxable Value will be 'uncapped' and changed to the current year State Equalized Value of the property. There is no limitation on the amount of change in Taxable Value in the year after a property transfers. However, beginning with the current year, the cap goes back on the Taxable Value and increases in Taxable Value are limited to the capped value formula.
In addition, the law is very clear on providing proper notice of Transfer of Ownership, within 45 days of the transaction, subject to a penalty up to a maximum of $200 and/or supplemental taxes and interest, depending on the circumstances.