reassessment

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Reassessment

The value of a property as determined by an appraisal after an appraisal was previously made. A reassessment usually occurs every year when a municipality orders appraisals to determine the liability for property taxes. Additionally, if a property owner wishes to dispute the value of an appraisal, he/she may request a reassessment. The reassessed value may take into account the quality of the property, values of surrounding properties, and market conditions in the area.

reassessment

Reviewing or updating the value estimates of real property for the purpose of calculating ad valorem taxes.

References in periodicals archive ?
To be eligible, companies would have had to have done baseline assessments for corrosion on those segments with an inline or pressure test which supported a reassessment interval beyond seven years.
This occurred because reassessment caused GAV to rise at a proportionally greater rate than did levies.
If the CRA reassesses the Baytex subsidiaries as described in the Proposal Letter, Baytex will have 90 days from the issuance of notices of reassessment to prepare and file notices of objection which would be reviewed by the CRA s Appeals Division.
This statute contains a variety of provisions to address some of the impacts of the court-ordered reassessment, which became apparent in 2003 as the 2002 property tax reassessments and levies were mailed to property owners.
A's assessments or reassessments of large corporations is frequently vague, ambiguous, and, in some cases, misleading.
The agreements collectively are valued at approximately $9 million, including reassessments of all real property; it's the first time in decades that the municipalities' property values will be revalued.
Allegheny County, with 560,000 parcels of property, has enlisted Tyler's services for assessment consulting, valuation modeling, public relations, review, and training in preparation for the County's 2006 property reassessment.
From 2001 to 2002, almost 8 percent of homeowners in the City of Atlanta had increases in their reassessments of over 50 percent.
As initially disclosed in 2001, and most recently in Note 7 of Tesco's Third Quarter Report for the nine months ended September 30, 2003 and more comprehensively in Note 9(a) to Tesco's audited consolidated financial statements for the year ended December 31, 2002, the Mexican tax authorities have issued formal reassessments to Tesco in respect of the 1996 through 1999 fiscal year tax filings claiming additional taxes, interest and penalties of approximately Mexican Pesos 35.
Some jurisdictions, such as Ontario, address this problem by not adjusting instalment requirements for subsequent reassessments.
Incremental assessed value growth has been mixed, with appeals and reassessments outpacing underlying growth in some years.
As President of the Board of Directors for the Pittsburgh Public Schools, I hereby propose the following statement in an effort to explain my view on the potential school tax increases caused by the 2002 real estate reassessments.