... it means whatever I want it to mean. Taxable value is supposed to reflect arms-length exchange - true value. We've been using all kinds of modified, adjusted, estimates that are wrong rather than actual arms-length cash paid for a house. Appraisers play all kinds of games so that if a house sold for $80K, but they think it should be higher for some reason (increased taxes), they pretend that their modified, estimated, adjusted guess is more accurate than the actual cash paid.
We should go to actual cash paid just as a reality check.