Answer:A Revaluation is a process where a municipality updates the property assessments to align closer to the market value. Municipalities are required to maintain certain assessment standards and when the assessment standards fall below, the municipality is required to make adjustments to be in compliance. A Revaluation is comprised of many steps, including data collection, market analysis, table updates, notices to property owners, informal hearings, commitment of taxes, and the mailing of tax bills. In the end, the Revaluation re-distributes the tax burden based on property assessments. A revaluation is revenue neutral and the municipality does not receive any additional tax revenue.
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A Revaluation is a process where a municipality updates the property assessments to align closer to the market value. Municipalities are required to maintain certain assessment standards and when the assessment standards fall below, the municipality is required to make adjustments to be in compliance. A Revaluation is comprised of many steps, including data collection, market analysis, table updates, notices to property owners, informal hearings, commitment of taxes, and the mailing of tax bills. In the end, the Revaluation re-distributes the tax burden based on property assessments. A revaluation is revenue neutral and the municipality does not receive any additional tax revenue.
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