What characterizes a "revenue-neutral" reassessment?

A "revenue-neutral" reassessment is characterized by maintaining the same total tax revenue during the reassessment process. This means that while property values might change due to reassessment, the overall revenue collected from property taxes remains consistent. The goal of a revenue-neutral reassessment is to ensure that, even as individual property assessments are adjusted, the municipal budget's reliance on property taxes does not increase or decrease, keeping community funding stable. This allows for equitable adjustments without overburdening taxpayers or losing essential funding for local services.

The other options suggest changes to the overall revenue or specific impacts on tax rates or property taxes that do not align with the definition of revenue neutrality. For instance, increasing tax rates or changing the total tax revenue collected would disrupt the fundamental principle of maintaining revenue levels, while reducing property taxes for all homeowners would inherently lower the overall revenue, contradicting the idea of a revenue-neutral reassessment.