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.

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