There are two distinctly different numbers associated with each property. The State Equalized Value (SEV) represents half the property's market value and Taxable Value which is a multiplier in your tax bill. If you have a home that is truly similar to your neighbor's home your SEV should be about equal to theirs; however, the Taxable Values would probably not be the same. Since the passage of Proposal A in 1994 the Taxable Value is used to calculate tax bills. Each Taxable Value will depend on the Capped Value formula and whether or not there has been a transfer of ownership or a Consumer Price Index (CPI) increase. The Taxable Value calculation is also subject to any additions and/or losses to the property. SEV and Taxable Value are not the same and should not be compared when calculating a tax bill.
The calculation for your tax bill is as follows: Taxable Value × Voter Approved Millage Rate = Property Tax Bill.