True Cash Value: The estimated market value of your property.
Assessed Value: One half of the true cash value.
Taxable Value: The value capped by Proposal A that is multiplied by the millage rate to calculate your tax bill.
One mill: One dollar per thousand dollars of taxable value.
Principal Residence Exemption: An 18 mill reduction in property taxes on your primary residence and any contiguous vacant parcels you own.
Property Record Card: Contains owner name and address, legal description, sales history, assessment history, picture of home, building sketch with square footage and other value-enhancing amenities.