Under what circumstance would personal property be reassessed?

The reassessment of personal property occurs under a variety of circumstances, reflecting changes that can impact its value or status significantly.

When there is a change in ownership, the new owner may bring different intentions for usage or modifications that could alter the property's value. These changes necessitate a reassessment to ensure that the property’s value is accurately reflected for tax purposes.

A change in location also warrants reassessment. Moving personal property can affect its value due to varying market conditions, proximity to amenities, or changes in the neighborhood’s characteristics. As such, personal property in a different location may be taxed differently, requiring an adjustment in its assessment.

Lastly, in a revaluation year, all properties—including personal property—may be assessed to reflect current market values. This systematic approach allows municipalities to ensure equitable tax distribution based on up-to-date valuations, capturing shifts in the economy or local market.

Thus, recognizing that all these circumstances can trigger a reassessment, the correct answer encompasses the full scope of potential triggers for personal property reassessment.