WHAT IS A REASSESSMENT (SOMETIMES REFERRED TO AS REVALUATION OR UPDATE)?
Reassessment means a systematic review of the assessments of all locally assessed properties, valued as of the valuation date of the assessment roll containing those assessments, to attain compliance with the standard of assessment set forth in subdivision two of section 305 of the Real Property Tax Law. Source: http://www.orps.state.ny.us/legal/rules/part185/sub185-1.
