reassessment(redirected from reassess)
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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.
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Reviewing or updating the value estimates of real property for the purpose of calculating ad valorem taxes.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.