Finding a Property Value with Property Revaluation

Property revaluation is the process by which a property is reassigned a given property value based on certain criteria. These criteria are often determined by a government agency, such that uniform criteria will be applied to all instances of property revaluation. The intent of property revaluation is to periodically ensure that the value of all property is understood in a way that can be compared between different properties, such that one property might have a higher property valuation than another.

A property with a greater property valuation would, of course, be worth more money, and would, in turn, be taxed more. This is part of the reason for why property valuation is significant, as property revaluation ensures that all property taxation is kept as fair and balanced as possible, with someone who owns a large mansion not being taxed the same amount as someone who owns a small ramshackle house.

Property revaluation is often conducted by appraisers hired by the local government. These appraisers are often called out to provide property revaluation at either consistent periods or whenever some significant change is made to the property. Property valuation will thus establish the fair market value for the property in question.

The fair market value is also significant because it is a good base price in all transactions regarding the property. Property revaluation is a nuanced process and is not necessarily as deterministic as it might at first sound, as any property valuation might fluctuate based upon a number of different dependent factors within the local market, such as the prices of houses to have gone for sale recently.