What happens during a property revaluation?

During a property revaluation, all properties within a municipality are assessed to reflect current market values accurately. The purpose of this process is to ensure that the property tax burden is fairly distributed among property owners based on the value of their respective properties. A comprehensive review and adjustment of property values help maintain equity in the tax system, which can be influenced by factors such as changes in the real estate market, renovations, or other developments in the area.

By involving all properties rather than just new ones, or specific types such as commercial properties, the revaluation process ensures a comprehensive approach that addresses market fluctuations and variances in property values. It is also essential for setting appropriate tax rates which are based on the collective value of all properties in the jurisdiction, rather than merely adjusting tax rates without reassessing property values. This thorough review fosters transparency and fairness in the assessment process.