How does a revaluation affect a property owner's tax bracket?

A revaluation typically involves a systematic review and adjustment of property values within a given municipality to ensure that the assessed values reflect realistic market values. When a revaluation occurs, it is meant to equalize property assessments, which can lead to adjustments of both assessed values and tax liabilities for property owners.

In a revaluation scenario, the total amount of tax revenue that the municipality aims to collect does not change; however, how that revenue is distributed among property owners can shift significantly. While some properties may see an increase in their assessed value, others might decrease. Consequently, the tax liability for individual property owners will adjust based on these new assessed values relative to the overall tax rate, impacting their position within the tax bracket.

The other options do not accurately represent the effects of a revaluation. It does not automatically lower all property taxes; it doesn't eliminate the need for property assessments; nor does it directly increase tax collection rates. Instead, it recalibrates how tax liabilities are assigned based on updated property valuations.