What is meant by equitable?
The revaluation process allows the tax department to equalize, or make equitable, the tax burden among all classes of property. An example of this is illustrated in the following scenario:

We have 2 residential properties, A & B, very similar but in different parts of the county. In the county's 2003 revaluation it is determined that both properties are worth $150,000 each. In 2005 a new state of the art school is built near property B and this area becomes a very desirable place to live which in turn drives home values up at a faster than normal rate. In the 2011 revaluation it is determined through sales that property A is now worth $175,000 but property B is worth $225,000. If not for the revaluation both properties would still be paying the same tax even though property B is worth $50,000 more than property A. Therefore, the revaluation redistributes the tax burden to reflect the true market.

Another example could be that commercial properties have increased 50% while residential have only increased 20%. By conducting a revaluation the tax burden can be distributed accordingly.

Show All Answers

1. What is revaluation?
2. Why is revaluation necessary?
3. What is meant by equitable?
4. How much will revaluation affect my tax bill?
5. How much will my property value change?
6. What if I believe the appraisal is incorrect?
7. Should I appeal?