Will my new assessment be exactly the same as my recent purchase price?

Probably not. All property sales between April 1, 2020 and June 30, 2021 will be used to determine new assessments. Your purchase price is one sale out of hundreds that will be used in the analysis. Your assessment will reflect the most probable sale price you would expect to receive. Where comparable sales are rare or non-existent in your neighborhood, sales from similar areas or property types in the City will be used to determine value.

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1. Who determines when a reassessment is done?
2. What sales will be used in determining market value?
3. Will types of property be valued differently?
4. Will all the homes in the City be inspected?
5. Since not all homes in the City will be inspected, should I do anything to ensure that the information the City has on record is accurate?
6. Will assessed values change as the market values of residential homes change?
7. Will my new assessment be exactly the same as my recent purchase price?
8. What if I disagree with the new assessment?
9. When will new values from the reassessment impact tax bills?
10. What is the expected impact to the overall tax rate?
11. Will the City receive additional taxes from the reassessment?
12. How does the update coincide with the budget process?
13. How likely is it that my taxes will increase or decrease?
14. Are commercial, industrial, apartments and other types of property being reassessed?
15. Who are the various parties that are conducting and overseeing the reassessment