What Is Reassessment
A reassessment is an official revaluation of your property's assessed value by the assessor's office, typically conducted on a scheduled cycle (often every 4 to 6 years, though this varies by jurisdiction). The new assessed value becomes the basis for your property tax bill until the next cycle. A reassessment differs from a one-time appraisal, it's a systematic countywide or districtwide update meant to bring all properties into line with current market conditions.
How Reassessments Are Calculated
Assessors use three primary appraisal methods during a reassessment cycle:
- Sales comparison approach: Compares your property to similar properties that sold recently in your area. If your home sold for $350,000 and comparable homes nearby sold for $340,000 to $360,000, that range informs your assessment.
- Cost approach: Estimates replacement cost of the building plus land value, accounting for depreciation. A 20-year-old house may be assessed lower than a new construction with identical square footage.
- Income approach: Used primarily for rental properties and commercial buildings. An apartment building generating $120,000 annual net income might be assessed based on a capitalization rate (typically 6 to 8 percent, depending on local market).
Assessors pull comparable sales data from recorded deeds, MLS records, and county records to build their analysis. Your actual sale price (if recent) often anchors the comparable sales approach.
Assessment Ratio and Equalization
States require assessment ratios, which cap assessed value at a percentage of market value. In many states, the legal ratio is 33 percent (meaning a $300,000 home is assessed at $99,000). Some states use 50 percent. If your county's assessment ratio is running below the legal standard, it signals systematic undervaluation across all properties. You can request a reassessment equalization study from your assessor's office to verify this.
Exemptions and Reassessment
Reassessments can trigger exemption reviews. If your property qualifies for a homestead exemption, agricultural exemption, or other tax break, you must reapply or reestablish eligibility during the reassessment cycle. Missing the deadline can cost you the exemption in the new cycle, even if you qualified before.
Challenging a Reassessment
If your reassessed value seems inflated, you can appeal through your local board of review, typically within 30 to 45 days of receiving your Assessment Notice. Bring comparable sales data showing similar properties in worse condition or lower price ranges. Document any property defects the assessor may have missed. The board of review meets during specific windows and may hold a hearing where you present your case directly.
Reassessment vs. Revaluation
Reassessment is the routine cycle. Revaluation is a complete countywide reassessment of all properties, often triggered by court order or declining property values. A revaluation is more intensive and affects every property simultaneously.
Common Questions
- Can I appeal a reassessment more than once? Yes, if the assessor makes an error or if significant changes occur (roof replacement, major damage, code violations). Each appeal must happen within the filing window after receiving a new Assessment Notice.
- What happens if I disagree with the comparable sales the assessor used? Bring your own comparable sales to the board of review. Focus on homes sold within the last 12 months, within your neighborhood, and with similar features. A property that sold for $280,000 two years ago may not be comparable to today's market.
- Does a reassessment guarantee my taxes go up? Not necessarily. If property values in your area fell, your reassessment could be lower. However, if your county increases the tax rate in the same year, your bill could still rise despite a lower assessment.