Revaluation FAQ
Please see the following list of frequently asked questions received by the Assessing Department related to the revaluation process. To read more about a specific FAQ, click on an item below to expand.
Revaluation Basics
- What is a Revaluation?
- Why is a revaluation performed?
- When will the Revaluation become effective?
- Why is it necessary to perform a town-wide revaluation at this time?
- Why conduct in-house versus hiring an independent company?
- What is this Statistical Update going to cost the Town?
What is a Revaluation?
Why is a revaluation performed?
When will the Revaluation become effective?
Why is it necessary to perform a town-wide revaluation at this time?
Why conduct in-house versus hiring an independent company?
What is this Statistical Update going to cost the Town?
Revaluation Procedures & Methods
- What’s the difference between a Full Revaluation and a Statistical Revaluation?
- Why is the Assessor recommending a Statistical Revaluation over a Full Revaluation?
- What if there are no reasonably comparable sales?
- The inside of my home was not inspected, so how could you reassess it?
- What is the valuation formula?
- How will I know if my assessment is fair and equitable?
What’s the difference between a Full Revaluation and a Statistical Revaluation?
Why is the Assessor recommending a Statistical Revaluation over a Full Revaluation?
What if there are no reasonably comparable sales?
The inside of my home was not inspected, so how could you reassess it?
What is the valuation formula?
How will I know if my assessment is fair and equitable?
Impact on Property Taxes
- Will a Revaluation increase taxes?
- Is the Town doing this to raise more money?
- What will my new taxes be?
- When will I know how much my next tax bill will be?
Will a Revaluation increase taxes?
Is the Town doing this to raise more money?
What will my new taxes be?
When will I know how much my next tax bill will be?
Assessed Value / Market Value
- Will I be given advance notice if my property’s assessment is going to change?
- Why did my assessed value increase after a Town-wide revaluation?
- Why did my assessment go up more than my neighbors?
- Will all property values change?
- Do all assessments change at the same rate?
- Does the “5 Year Revaluation Cycle” mean my property’s assessment will only change once every 5 years?
- What is fair market value?
- What is market value and who determines my property value?
Will I be given advance notice if my property’s assessment is going to change?
Why did my assessed value increase after a Town-wide revaluation?
Why did my assessment go up more than my neighbors?
Will all property values change?
Do all assessments change at the same rate?
Does the “5 Year Revaluation Cycle” mean my property’s assessment will only change once every 5 years?
What is fair market value?
What is market value and who determines my property value?
Hearings & Appeals
- What if I don't agree with the assessed value of my property?
- What is an Informal Hearing?
- If I disagree with my assessment after an informal hearing, what are my options?
- Should I pay my taxes if I choose to appeal?