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 ?
The company considered the reassessment decision of the Tax Administration unfounded and appealed in November 2017 to the Board of Adjustment.
We know from experience that tax increases from reassessments are the highest tax increase that we will ever receive at one time.
Officials in taxing jurisdictions that haven't called for reassessments - including the city of Houston - have said that there simply wasn't enough time between the storm and the due date for taxes to tackle such a massive undertaking.
Campaigners have called for the Government to make similar changes to disability benefit personal independence payment (PIP), for which those with progressive conditions still face reassessments.
In years when a formal reappraisal is not conducted, the value of the property may be adjusted with an optional reassessment. It is important to note that the reassessment process is separate and distinct for towns and villages.
For all other threats, reassessment is not required for 10, 15, or 20 years, depending on the operating stress level of the pipeline, unless the baseline assessment and related information indicates otherwise.
By examining the county as a whole, (the aggregation of all taxing units in the county) the basic pattern became clear: The small increase in business personal property values shifted more of the taxes to real property, where there was a major increase due to reassessment. Among real property taxpayers, there was a shift from industrial and other taxpayers to residential taxpayers.
Thanks to technology, reassessments can be performed on an ongoing basis as opposed to sporadically.
Louis Post-Dispatch Saturday edition recently offered some advice in its editorial columns for all the selfish folks who are unhappy with the taxes that come with their higher property reassessments: "Grin and bear it, and think of the killing you'll make when you sell your house," offered the Post.
It appears in the wake of the numerous reassessments of Philip II's policymaking during the recent 400th anniversary of his death and the general rehabilitation of Philip III and his court by scholars of the period.
For example, reassessments performed between 1990 and 1995 failed to reflect the dramatic downturn in real estate values during that time period.