Why is a valuation update needed?

Over time, property values change. However, not all types of properties change at the same rate. Since the assessed value is the basis of the property tax, a valuation update must be undertaken in order to make sure that each parcel of real estate is assessed according to current market value. This ensures that everyone pays their fair share.

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1. What is a revaluation?
2. What happens during a revaluation?
3. Why is a valuation update needed?
4. Will a valuation update increase my taxes?
5. How will I know if my assessment is equitable?
6. What is an informal hearing?
7. If I disagree with my assessment after a hearing, what are my options?
8. What is market value and who determines my property value?
9. Will someone be coming to inspect my house?