What is a ratio?

A ratio is the relationship between an assessment and sale price. Example: a property on one side of town is currently assessed for $60,000 and that same property sells for $100,000, the ratio would be 60%. A property on the other side of town is currently assessed for $50,000 and it sells for $100,000, the ratio would be 50%. After a revaluation, both properties should be assessed for $100,000 (100% of market value) and essentially paying the same amount in real estate taxes. 

Show All Answers

1. What is a revaluation?
2. When will the program begin and end?
3. What is expected of property owners?
4. Will photographs be used?
5. Will the field inspector be able to tell me the new assessment?
6. What will the data collectors look for?
7. What if I’m not at home?
8. When will I be advised of the proposed assessment?
9. Will my assessment increase? What affect will the Revaluation have on my tax bill?
10. What is the difference between reassessment and revaluation?
11. Why does my Municipality need a revaluation?
12. What is a ratio?
13. Is a revaluation done to raise taxes?
14. How is a revaluation accomplished?