Limited Market Value. The Limited Market Value is designed to protect property owners from large jumps in property taxes from year to year that are a result of valuation increases due to a particularly healthy real estate market. LMV includes agricultural, residential, timberland, or noncommercial seasonal recreational residential (cabins). Current LMV is scheduled to be phased out as follows: Assessment Year Taxes Payable Year Formula for Phasing Out LMV 2003 2004 12% or 20% of the difference 2004 2005 15% or 25% of the difference 2005 2006 15% or 25% of the difference 2006 2007 15% or 25% of the difference 2007 2008 15% or 33% of the difference 2008 2009 15% or 50% of the difference 2009 2010 Full market value