Revaluations are expensive. Are they really necessary?

A complete revaluation of all taxable real and personal property within a municipality is periodically necessary.  There may be several reasons for this:  (1) the current assessment may not have been made in substantial compliance with the law; (2) inequities may exist within classes of property; (3) inequities may exist between classes of property; (4) the governing body may desire an updating of records to show the physical characteristics of all its taxable real and personal property; (5) a governing body may desire an original inventory of all its taxable property; or (6) the assessment level may not be in compliance with current law, which requires each major class of property to be within ten percent of the state’s equalized value for the corresponding major class.  When inequities happen, some property owners are paying more than their fair share of the property tax levy and some are paying less.  A complete reassessment or revaluation may be the only remedy.  Most property owners are willing to pay the expenses of a revaluation to be more assured that all are paying their fair share of property taxes.

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1. What is an assessment and what is its purpose?
2. What is a revaluation?
3. Revaluations are expensive. Are they really necessary?
4. Do taxes go up after revaluation?
5. What is the Open Book?
6. What is the Board of Review?