What is the difference between reassessment, revaluation and a supervised assessment?
The term “reassessment,” as used in Section 70.75 of the statutes, means to completely redo the assessment roll. After receiving a petition, the Department of Revenue may order a reassessment of all or any part of the taxable property in a municipality, if its investigation determines that the assessments are not in compliance with the law. One or more persons would be appointed by the Department to prepare a new assessment roll. The assessment roll, after completion by the appointed person(s), is substituted for the original assessment roll. The municipality pays all expenses connected with a reassessment. A “revaluation” occurs when the Assessor completes a comprehensive review of all assessments to insure that they reflect current market value and that they are equitable within and between classes of property (residential, commercial, agricultural, etc). A revaluation may also be completed in response to a Section 70.75 review, which then involves the hiring of expert help by a muni
