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.
Though not in every case, often after a revaluation the tax rate will decrease, 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 assessors revalue the property more often.