Under what condition can a revaluation be financed by a five-year bond?

A revaluation can be financed by a five-year bond if it is ordered by the County. When a county identifies the need for a revaluation, typically due to changes in property values, it has the authority to mandate this process. The financing through a bond allows municipalities to manage the costs associated with the revaluation over a period of time, spreading the financial burden rather than requiring immediate full payment.

In circumstances where a revaluation is initiated due to significant market fluctuations or required by law, these conditions may not specifically empower the municipality to issue bonds for financing. Instead, they might necessitate other responses or financial strategies, such as immediate funding or adjustments in tax rates. Approval by the Tax Assessor is also not a condition that directly allows for financing a revaluation through bonds, as it is the county’s directive that primarily influences this financial decision. Therefore, the condition that a revaluation can be financed by a five-year bond is contingent upon the order from the county.