diff --git a/CHANGELOG.md b/CHANGELOG.md
index 53e04c7..2ffb47d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -23,6 +23,11 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ### Fixed
 
+- A mapping value's anchor or tag on the line below the key must now be indented past the key. A
+  property at the key's own indentation (`seq:` then `&anchor` in column 1) is ambiguous with a
+  sibling and is rejected, while an inline property, a property indented under the key, and a block
+  sequence at the key's indent (which carries no property) stay valid. Lifts official test-suite
+  parse-level conformance from 275/333 (82.6%) to 276/333 (82.9%), with no regression.
 - A `-` immediately before a flow indicator is no longer treated as a scalar. In a flow collection
   a `-` that begins a plain scalar must be followed by a non-indicator character, so `[-]`,
   `[-, -]`, and `{a: -}` are now rejected. A dash followed by ordinary content is unaffected:
diff --git a/Sources/Parsing/TokenEventParser.Helpers.swift b/Sources/Parsing/TokenEventParser.Helpers.swift
index 6063af5..1e75203 100644
--- a/Sources/Parsing/TokenEventParser.Helpers.swift
+++ b/Sources/Parsing/TokenEventParser.Helpers.swift
@@ -19,22 +19,9 @@ extension PureYAML.Parsing.TokenEventParser {
         }
 
         let properties = try consumeProperties()
+        try enforceValuePropertyIndented(properties, valueIndicator: valueIndicator)
         if cursor.current?.kind.isIndent == true {
-            _ = try expect("indent") { $0.isIndent }
-            let result: PureYAML.Parsing.NodeResult = if cursor.current?.kind.isBlockEntry == true {
-                try parseBlockSequence(
-                    properties: properties,
-                    allowMappingKeyTerminator: true,
-                )
-            } else {
-                try parseNode(properties: properties)
-            }
-            if cursor.current?.kind.isDedent == true {
-                _ = try expect("dedent") { $0.isDedent }
-            } else if cursor.current?.kind.isMappingKey != true {
-                _ = try expect("dedent") { $0.isDedent }
-            }
-            return result
+            return try parseIndentedMappingValue(properties: properties)
         }
         if properties == .none, try isCommentInterruptedScalarValue(after: valueIndicator) {
             return try rejectCommentInterruptedScalar()
@@ -59,6 +46,42 @@ extension PureYAML.Parsing.TokenEventParser {
         return try emitNullMappingValue(at: valueIndicator.endMark)
     }
 
+    /// Parses a mapping value that begins on an indented line below the `:`. A leading block entry
+    /// is a block sequence; anything else is a node. The closing dedent is consumed unless the value
+    /// ended on a sibling mapping key, which the surrounding mapping continues from.
+    mutating func parseIndentedMappingValue(
+        properties: PureYAML.Parsing.NodeProperties,
+    ) throws -> PureYAML.Parsing.NodeResult {
+        _ = try expect("indent") { $0.isIndent }
+        let result: PureYAML.Parsing.NodeResult = if cursor.current?.kind.isBlockEntry == true {
+            try parseBlockSequence(properties: properties, allowMappingKeyTerminator: true)
+        } else {
+            try parseNode(properties: properties)
+        }
+        if cursor.current?.kind.isDedent == true {
+            _ = try expect("dedent") { $0.isDedent }
+        } else if cursor.current?.kind.isMappingKey != true {
+            _ = try expect("dedent") { $0.isDedent }
+        }
+        return result
+    }
+
+    /// A value's anchor or tag on a line below the `:` must be indented past the key. Reaching the
+    /// value-property consumption with a property on a later line means no indent token preceded it
+    /// (a properly indented one is consumed inside the indented value), so it sits at the key's
+    /// level and is malformed (`seq:` then `&anchor` in column 1).
+    func enforceValuePropertyIndented(
+        _ properties: PureYAML.Parsing.NodeProperties,
+        valueIndicator: PureYAML.Parsing.Token,
+    ) throws {
+        guard properties != .none, let propertyMark = properties.mark,
+              propertyMark.line != valueIndicator.mark.line
+        else {
+            return
+        }
+        throw PureYAML.Parsing.ParseError.unexpectedIndentation(line: propertyMark.line)
+    }
+
     /// Emit an empty (null) scalar as a mapping value and return its node result, used where a
     /// mapping entry has no value: an explicit key with no `:`, or a `key:` with nothing after it.
     mutating func emitNullMappingValue(at mark: PureYAML.Parsing.Mark) throws -> PureYAML.Parsing.NodeResult {
diff --git a/Tests/ValuePropertyIndentationTests.swift b/Tests/ValuePropertyIndentationTests.swift
new file mode 100644
index 0000000..a4d7cad
--- /dev/null
+++ b/Tests/ValuePropertyIndentationTests.swift
@@ -0,0 +1,22 @@
+@testable import PureYAML
+import Testing
+
+@Suite("A mapping value's property indentation")
+struct ValuePropertyIndentationTests {
+    @Test("A value's anchor on a line below the key, at the key's indent, is rejected")
+    func test_underIndentedValuePropertyRejected() throws {
+        #expect(throws: PureYAML.Parsing.ParseError.self) {
+            try PureYAML.parse("---\nseq:\n&anchor\n- a\n- b\n")
+        }
+    }
+
+    @Test("Properties indented past the key, or inline, stay valid", arguments: [
+        "seq:\n  &a\n  - x\n", // an anchor indented under the key
+        "key: &a value\n", // an inline anchor on the value
+        "seq:\n- a\n- b\n", // a block sequence at the key's indent (no property)
+        "key:\n  &a sub: v\n", // an indented anchored key
+    ])
+    func test_validValuePropertyPlacement(_ yaml: String) throws {
+        _ = try PureYAML.parse(yaml)
+    }
+}