What exactly is a “Revaluation”?

A revaluation is the process of estimating new values on real estate based on specific rules and current market data. This process requires a careful analysis of recent selling prices conducted to identify and quantify the features that have motivated buyers and sellers in the real estate market. This analysis results in the creation of schedules that are used to value all of the properties in the city or town. These schedules are then statistically tested to verify their ability to accurately and uniformly predict estimates of current fair market value. An analysis of current income and expenses supplied by local commercial property owners is utilized in the commercial valuation process. These value estimates are statistically tested and proven.

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1. What are the current Tax Rates?
2. What exactly is a “Revaluation”?
3. Why are the “Revaluations” performed?
4. Where do you get the values?
5. What is “Fair Market Value”?
6. How are properties priced?
7. What about Land values?
8. I recently purchased my property for a price which is different than the value estimated for this “Revaluation.” How is this possible?
9. How much will my taxes be following this “Revaluation”?
10. Will taxes go up?
11. How are tax rates set?
12. How will I find out my new value?
13. Suppose I disagree with my value?
14. If there are informal hearings, what should I bring to the hearing?
15. Then what happens?
16. Suppose I still disagree?
17. How can I tell if my value is correct?