By F. Cindy Baire, Member, GAR Associates
Is your municipality conducting a reassessment or considering one? Here are some facts you need to know about reassessments:
- A reassessment does NOT raise tax dollars. It is a redistribution of the budgets/levies for towns, cities, county, school districts, and villages.
- Yes, some property owners will pay more after a reassessment and others will pay less. There is only one “pie” of budget/levy money to be collected.
- Certain property tax exemptions are affected by a reassessment, the exemption amounts will rise to the maximum allowed.
- Properties appreciate and depreciate at difference rates – not all properties will increase or decrease in value the same.
- Sales transactions determine the market values and therefore the current assessment. Assessors do NOT predict the market values – they simply report the facts.
- Accurate property inventory is important to the valuation of properties.
- Routine property reassessments are the best way to ensure property owners are ONLY paying their fair share of the tax burden.
- As the total value of the community increases the tax rate decreases.
If you’d like more information on the assessment process, check the Assessor’s page of your municipality or county website.
This is generally accepted information about municipal assessments. Check with your assessor for specific information about your local assessments.
