Who is typically involved in a contract for a revaluation?

In the context of a revaluation, the primary participants in the contract are the revaluation firm and the municipality. The revaluation firm is responsible for conducting the assessment of property values within the municipality to ensure that they reflect current market conditions accurately. This process often involves detailed analysis of property characteristics, sales data, and adherence to state regulations governing property assessments.

The municipality, on the other hand, is the local governing body that oversees the process and ensures that the revaluation is carried out according to the law. It plays a critical role in selecting the firm and may establish the parameters of the revaluation process. This partnership is essential for ensuring that the revaluation meets legal standards and community needs.

While real estate developers, state government officials, and county land use boards may have interests or oversight roles related to property assessments, they are not directly involved in the contractual agreement between the revaluation firm and the municipality. Their involvement typically pertains to broader policies, regulations, or specific projects rather than the operational execution of a revaluation process.