Definition
Estimating the current market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment... of all taxable property for purposes of a new assessment. A revaluationEstimating the current market value of all taxable property for purposes of a new assessment. A revaluation is performed to assure each property is assessed at market value and pays only its fair share of taxes. is performed to assure each property is assessed at market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment... and pays only its fair share of taxes.