Isn’t what I paid for my Property Market Value?

Not always. Some people have paid more than the market value for their property. Others may have bought their property at a bargain price and still, others may have purchased years ago when prices were different. Even if you have purchased your home recently and paid the current market value, your property assessment and taxes were based upon 70% of its 2021 market value and thus, must be revalued to reflect the 2021 market value. The true test of the Revaluation is whether the total estimated market value of your property, as of October 1, 2021, is reasonable.

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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?