In the calendar year after you purchase your property, your taxes will no longer be based on the previous owner’s capped taxable value. The taxable value in your second calendar year of ownership will only increase by the rate of inflation or 5%, whichever is less unless additions or losses to the property occur because it is now capped.
Your taxable value may now be different than your neighbors. Their taxable value may have been capped many years before yours, so it would have no correlation with the current market and is not comparable. The Assessed Value is the factor to be used when comparing properties for current value in the market.