What sales did you use to value my property?

Most people are familiar with what is commonly called a "bank appraisal" especially if they have gone through a re-finance of their home. Most people also assume the Revaluation Company will use the same procedure. Although the basic appraisal concepts are the same and the results similar, the process is different. In a Revaluation, the value of your property is based on an analysis of the entire Wolcott real estate market for the period of October 1, 2020, to and including October 1, 2021. A study is done of sales that occurred during this period so that the Revaluation Company can establish valuation parameters such as construction tables, land rates, market adjustment tables, etc. When these valuation parameters are applied to the properties that are sold, the resulting value should be very close to its sales price. After testing these valuation parameters, the Revaluation Company will then apply these valuation parameters to all properties in Wolcott. By doing so, the Revaluation Company is approximating the market value for every property in Wolcott from information derived from all Wolcott sales. Therefore, there are no three specific sales used to estimate the market value of your home. All recent sales were included in the analysis that established the valuation parameters.

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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?