The objective of a revaluation is to bring all properties to 100% of their true market value. Property values change at different rates for various locations and property types. A revaluation ensures fairness and equity in the collection of revenue for Municipal purposes. The purpose of a revaluation is to eliminate any assessment inequities that may have developed since the implementation of the previous revaluation. This balances the Municipality's real property tax burden among its taxpayers. In addition to ensuring that the local tax burden is borne equally, being at 100% of value means that property owners will be paying a fairer, more equitable portion of county taxes since no adjustments in the equalization process will have to be made.
Once the revaluation program is completed, the tax rate per $100 of assessed valuation will undoubtedly go down to reflect the increased value of the ratable base. However, this does not necessarily indicate whether the tax on your property will increase or decrease.
Revaluations do not increase the total amount of revenue to be raised by taxation. The municipality only collects the amount of tax dollars that the four units of local government (local school, regional school, county government and municipal government) determine is necessary to operate.