How frequently is a revaluation of properties usually performed?

A revaluation of properties is typically performed every 5 to 10 years as part of maintaining an accurate and equitable assessment system. This timeframe allows assessors sufficient opportunity to observe changes in property values due to market conditions or improvements made by property owners. By updating assessments within this period, municipalities can ensure that property taxes reflect current market values, promoting fairness and transparency in the taxation process.

Revaluations that occur too frequently, such as every year, might overwhelm assessors and lead to inconsistencies, while those that happen too infrequently, such as every 10 to 15 years, could result in significant disparities and inequities in property taxation as market dynamics evolve. The 5 to 10-year cycle strikes a balance between maintaining current valuations and managing the logistical demands of the assessment process.