The Revaluation Process
The term "Revaluation" is a process of determining how accurate and uniform the values used to establish property taxes are. It is actually a Mass Appraisal of all properties. A very simple explanation of the process is that it is done through a detailed statistical analysis of "arms length" sales that have occurred within the year prior to the assessment date, which is January 1st of each year. These sale prices are compared to the current assessed values to determine the "assessment level". The premise being that sales are the most accurate measure of "full and fair market value".
A Revaluation is an update of all assessments in the City conducted under the direction of the Board of Assessors. The members of the Board of Assessors are state-certified individuals whose duties are to discover, list, and value all real and personal property in the City, in a uniform and fair manner. The Board of Assessors has hired Vision Government Solutions, Inc. to assist and complete this statistical process. State law requires that all property in the City be assessed within ten percent of market value that the Department of Revenue certifies the assessments every three years. This is referred the DOR's certification cycle. The next "certification of values" is for Fiscal Year 2013.
To make a proper assessment on a building, it is necessary that an assessor or assessor's designated consultant have accurate information about the inside as well as the outside of the property. We continuously quality control studies of our existing information by conducting inspections of all properties in a regular basis over a nine-year period. If we are unable to enter your property, we will still review your assessment based on the existing records and sales of properties similar to yours.