Revaluations are expensive. Are they really necessary?
A complete revaluation of all taxable real and personal property within a municipality is periodically necessary. There may be several reasons for this: (1) state law requires that property assessments must be periodically recalculated so that at least once in every 5 year period the assessments are within 10% of true market value; (2) the current assessment may not have been made in substantial compliance with the law; (3) inequities may exist within classes of property; (4) inequities may exist between classes of property; (5) the governing body may desire an updating of records to show the physical characteristics of all its taxable real and personal property; or (6) a governing body may desire an original inventory of all its taxable property. When inequities happen, some property owners are paying more than their fair share of the property taxes and some are paying less. A complete reassessment or revaluation may be the only remedy. Most property owners are willing to pay the expe
