What is a Revaluation?

Revaluation - "The mass appraisal of all properties within an assessment jurisdiction to equalize assessed values".

A Revaluation can also be defined as a complete re-inventorying of a Town's taxable Real Property. There are generally two types of Revaluations: A physical Revaluation and a non-physical Revaluation. A physical revaluation involves a complete re-inspection and re-measurement of all properties with new values for all properties being the final result. A non-physical Revaluation does not involve a re-inspection and re-measurement of all properties but does result in new values for all properties. However, some properties are inspected even under a non-physical Revaluation. Properties that may be re-inspected during a non-physical Revaluation may include (but are not necessarily limited to) properties that have sold, properties that are newly constructed, properties that have an outstanding building permit, etc. The 2021 Revaluation for Wolcott is a physical Revaluation.

For the Town of Wolcott, this Revaluation will involve the re-appraisal of all real estate in town, in order to bring about uniformity in property values.

Show All Answers

1. What is a Revaluation?
2. Why conduct a Revaluation?
3. What does a Revaluation do?
4. What is Market Value?
5. Who determines Market Value?
6. Isn’t what I paid for my Property Market Value?
7. When will I find out what my new Market Value is?
8. Why doesn’t the notice I will receive tell me how much my taxes will be?
9. How do I decide if my New Market Value is okay?
10. Will all property values change?
11. What sales did you use to value my property?
12. What if I don’t agree with my New Market Value?
13. If I still don’t agree, can this be resolved without the expense of going to court?
14. What if I’m not satisfied with the decision of the Board of Assessment Appeals?
15. What about the Elderly and other hardship cases?
16. Is there anything I can do to help during the Revaluation?