What is a Revaluation?
Revaluation is a periodic program undertaken in order to appraise all real property in terms of its full market value (bringing all properties to 100% of their true market value and by the same standard.) Market value is defined as the price a purchaser who is willing but not obligated to buy, would pay an owner, who is willing but not obligated to sell, taking into consideration all uses to which the property is adapted and might in reason be applied. Also known as tax equalization, revaluation ensures that all property owners pay their fair share of taxes based on the actual true market value of the property they own.

It consists of appraising the value of the properties, both taxable and exempt, using recent sales, building costs and income and expense information of similar properties. All residential, commercial, apartments, industrial, vacant land, churches, school buildings and all other real estate are valued.
The property tax is designed as an "ad valorem" tax, which means it is a tax based on the value of the property. The premise is that if someone owns a $1,000,000 property, he or she would pay twice as much in taxes as someone who owns a $500,000 property. Therefore, the market value of property is the standard that is used to determine one's fair share.

Show All Answers

1. What is a Revaluation?
2. Why a Revaluation?
3. What are the benefits of a Revaluation to me as a property tax payer?
4. How are the values established?
5. Why an inspection of properties?
6. Doesn't the town have this information on file?
7. What can I expect during a visit by an inspector?
8. How long will an inspection take?
9. Will I be assessed more for my decorating and/or landscaping?
10. What if I am not home?
11. Can I refuse entry to the field inspector?
12. When will your inspectors be in my neighborhood?
13. Can I schedule an appointment in advance?
14. My property has unique conditions which affect its value. What should I do?
15. My home has been inspected. Now what?
16. Why do some homeowners pay more taxes after a revaluation and some pay less?
17. When will I be notified of my new assessment?
18. What are my neighbors' assessed values?
19. Who can I talk to about my value?
20. When will I find out the results from my informal hearing?
21. Is there an official appeal process if I still disagree with my value?
22. Can I have a copy of my appraisal?
23. What is the difference between assessed value and market value?