What Happens in the Even Year?

For most real estate owners, nothing. However, if new construction, rehabilitation or renovation have taken place, the property's market value is adjusted to reflect the added value of the new construction. If some type of destruction occurs such as fire or flood the value is then adjusted to reflect the decrease in value. The total value is based upon the market conditions as of January 1 of the preceding year.

Show All Answers

1. What is Real Property?
2. What are Assessment and Reassessment?
3. Why is Reassessment Necessary?
4. How Often is Property Reassessed?
5. What Happens in the Even Year?
6. Is all Real Property taxed?
7. If No Improvements Have Been Made to My Property, Why Should the Assessed Value Increase?
8. What is Market Value?