By Warren Leisenring Jr.

Consultant for Tax My Property Fairly

A town-wide revaluation can be confusing and frustrating for property owners—especially when assessed values increase. Understanding what a revaluation is, why it occurs, and how assessments are expressed can help reduce uncertainty and put changes in proper context.

This page explains the key concepts behind revaluations and property assessments. It is intended for general educational purposes.

What Is a Revaluation?

A revaluation is a process by which a municipality updates property assessments to reflect current market conditions. Over time, as properties sell for prices higher or lower than their assessed values, assessments may no longer reflect a consistent percentage of market value across the town.

Revaluations are conducted to restore assessment equity—not to increase taxes—and to bring assessed values back in line with current market conditions.

Why Assessed Values Often Increase After a Revaluation

Many property owners are surprised when their assessed value increases following a revaluation. This often occurs because:

·       The property’s market value has increased over time

·       The assessment had not been updated for several years

·       The town’s Equalization Rate had declined prior to revaluation

A revaluation typically resets the Equalization Rate closer to 100%, meaning assessed values are once again aligned with full market value.

Assessed Value vs. Full Market Value

Two values commonly appear on property tax bills:

Full Market Value
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The assessor’s estimate of what the property would sell for in an open and competitive market between a willing buyer and a willing seller.

Assessed Value
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The portion of market value on which taxes are calculated. This value is determined by applying the town’s Equalization Rate.

Understanding both values—and how they relate—is essential when reviewing assessment changes.

Understanding the Equalization Rate

The Equalization Rate reflects the relationship between assessed values and full market values within a municipality.

·       When assessments are not updated regularly, market values may rise while assessed values remain unchanged.

·       As a result, the Equalization Rate declines.

·       A revaluation restores consistency by adjusting assessed values to reflect current market conditions.

An Equalization Rate of 100% means properties are assessed at full market value. Rates below
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Does a Higher Assessment Mean Higher Taxes?

Not necessarily.

Property taxes are based on:

·       Assessed values, and

·       The budgets of the town, county, and school district

When a revaluation increases the overall assessed value of a municipality, tax rates per $1,000 of assessed value often decrease. In many cases, the total tax burden remains similar, even if individual assessments change.
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Common Sources of Confusion

Property owners often experience confusion after a revaluation because:

·       Assessment changes are mistaken for tax increases

·       Market value and assessed value are misunderstood

·       Equalization Rates are not well explained

·       Assessment systems are complex and unfamiliar

Revaluations are designed to improve fairness and consistency, not to single out individual properties.
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Where to Find Assessment Information

Both assessed value and full market value can typically be found on:

·       Your property tax bill

·       Your local county real property tax website

·       Your town's municipal assessment roll

Reviewing these values regularly can help avoid surprises during revaluation years.
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Important Note

This page is intended for educational purposes only. It does not provide legal advice, appraisal services, or procedural instructions for filing a grievance.