Reassessment is the reevaluation of all properties in a given area for the purpose of establishing a new tax base. Tax bills are the product of the assessed valuation of the property and the cost of municipal, county, and school district services. Taxes continue to support the municipality in which you live, your school district, and the county. Reassessment does not change this. Legislature creates laws that determine how properties are taxed. These laws are then interpreted by the Department of Local Government and Finance (DLGF), who are responsible for drafting and writing new appraisal manuals, rules and regulations, bulletins, directives, and forms for the assessment of real property. In addition, the courts, particularly the Tax Court and Supreme Court, issue rulings that may clarify or change the scope and direction of Reassessment activities.
Periodic reassessments are required by law and are to insure that each property is valued fairly. The purpose of property reassessment is to realign the values of real property that are determined with values of other kinds of property that are assessed annually, such as personal property, utilities, and mobile homes.
A reassessment will result in a new value being established for your property. This new value will replace the previous years’ trended value currently on your property and will be the basis used for taxing property.
Anytime in the future, an experienced data collector may visit each property to gather information. Each of our reassessment data collectors are Level II certified. They carry proper identification and will arrive at your property in a marked vehicle. It is our goal to conduct an exterior inspection of each home and business. If need be, we will attempt to conduct an interior inspection. This helps insure that an accurate assessment is placed on your home and property. However, we understand that in many cases, the property owner may not be home. In cases such as these, the reassessment data collectors will estimate the interior items and leave the homeowner a door hanger, which will ask you to call to schedule an appointment. If only a business card is left in your door, the data collector was able to determine all of the information required and no appointment is needed.
If you feel that your home’s assessment is incorrect, please talk to the County Assessor. Present the Assessor with information about the property, including a recent appraisal if you have one. Please do not ignore notices, letters, and visits to your property by the Assessor’s Office. Notices of Assessment (Form-11) are sent out every year and the taxpayer only has forty-five (45) days to contact the Assessor’s Office with any disagreement of their assessment. After the forty-five (45) day period, no changes will be made to any properties assessment.
New Construction and Sales Disclosures
When a property is purchased and/or a Sales Disclosure has been received into the Assessor’s office, a data collector will come to the parcel to review all of the information.
When any new buildings or remodeling is complete, a data collector will come to the parcel to review all of the needed information. In this instance, a data collector may be at your property more than one time a year, if doing reevaluation of the area, and also a New Construction Recheck.
BUSINESS, COMMERCIAL, INDUSTRIAL, AND PUBLIC PROPERTIES
Reassessment works much the same way as for residential properties. Trained commercial and industrial data collectors gather information, such as physical characteristics, replacement costs, land values, and circumstances regarding any recent property purchases. Income and expens information may be requested because it is related to what investors are willing to pay for the property.