What is a revaluation?

A revaluation is a program undertaken by a municipality to appraise all real estate according to its’ fair market value. Revaluation brings all properties to 100%, thus insuring all property owners pay their fair share of taxes based on the fair market value of the property that they own. Fair market value is the price at which a property would sell for between a willing buyer and a willing seller. 

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1. What is a revaluation?
2. When will the program begin and end?
3. What is expected of property owners?
4. Will photographs be used?
5. Will the field inspector be able to tell me the new assessment?
6. What will the data collectors look for?
7. What if I’m not at home?
8. When will I be advised of the proposed assessment?
9. Will my assessment increase? What affect will the Revaluation have on my tax bill?
10. What is the difference between reassessment and revaluation?
11. Why does my Municipality need a revaluation?
12. What is a ratio?
13. Is a revaluation done to raise taxes?
14. How is a revaluation accomplished?