What is a revaluation?

A revaluation is periodically conducted in order to bring every assessment within the town up to 100 percent of current market values. Sometimes a revaluation is ordered by the State or the County Board of Taxation, and other times the town may choose to conduct a revaluation.

After a revaluation, the property tax rate often goes down, so your property taxes may not increase despite the fact that your assessment increases. A revaluation may occur only once every several years, but some town assessor's revalue the property more often.