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General Reassessment: Key Insights into Property Valuation Processes
Definition & Meaning
General reassessment is the process by which a local authority reviews and adjusts the assessed value of real property within its jurisdiction. This process involves collecting new data or verifying existing information about properties, analyzing market trends, and ensuring that all properties are appraised at a consistent percentage of their market value. The aim is to maintain fair and equitable property taxation.
Table of content
Legal Use & context
This term is commonly used in property tax law and real estate assessment practices. General reassessment is crucial for ensuring that property taxes reflect current market conditions and property values. It often involves forms and procedures that property owners may navigate, and resources like US Legal Forms can provide templates to assist in these processes.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
For instance, a county may conduct a general reassessment every four years to ensure that property values reflect current market conditions. If a homeowner's property was assessed at $200,000 previously, it may be reassessed at $250,000 based on recent sales of similar homes in the area.
(hypothetical example) A city may discover that property values have increased due to new developments and decide to reassess properties to align tax revenue with these changes.
Relevant laws & statutes
General reassessment is governed by state laws, such as § 137.073 R.S.Mo., which outlines the procedures and authority for property value adjustments. Specific regulations may vary by state.
State-by-state differences
State
General Reassessment Frequency
Notes
Missouri
Every two years
Conducted by county assessors.
California
Annually
Based on market conditions; Proposition 13 limits increases.
Texas
Every year
Market value assessments are required annually.
This is not a complete list. State laws vary and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Difference
Reappraisal
The act of reassessing property value.
General reassessment applies to multiple properties, while reappraisal can refer to an individual property.
Equalization
The process of adjusting property values to ensure fairness.
Equalization focuses on fairness across properties, while general reassessment updates values based on current data.
Common misunderstandings
What to do if this term applies to you
If you receive a notice of reassessment, review the new property value carefully. You may want to gather evidence, such as recent sales of comparable properties, to support your case if you believe the new assessment is inaccurate. Consider using US Legal Forms for templates related to property tax appeals. If the situation is complex, seeking professional legal assistance may be beneficial.
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