I just bought my home. Why isn’t my State Equalized Value (SEV) 1/2 of my purchase price?
The SEV represents 50% of the property’s True Cash Value. True Cash Value is a term defined by law and is specifically NOT purchase price. Your sale may be affected by numerous variables that may influence the individual transaction, that have no bearing on the property itself. To minimize the effect of these variables, all sales within a neighborhood (similar characteristics) are reviewed together to determine a usual selling price based on standardized units of comparison.