Revaluation
Reconsideration of the value of real property. An example is getting property appraised each year to determine its current value for tax or purposes of determining whether to sell it. revaluation clause
Popular Real Estate Terms
A Homeowner’s Association (HOA) is an organized group of homeowners in a home subdivision, condominium, or cooperative complex. They come together and found a Homeowner’s ...
Divides a locality into districts for differing purposes. The map is continually kept current. It reveals the status of each district. ...
Individual with legal privileges and obligations. The legal term is sometimes used for a corporation. ...
Person, such as the beneficiary of a deed, asking that he be informed if the property is foreclosed by someone else. ...
Underwriting is a term often used with financial connotation. It is a process that helps individuals or institutions to determine if it’s worth taking a financial risk in a particular ...
A promise to uphold a guarantor's contractual or financial responsibility in the even of default. ...
Interior building trim surrounding windows, doors, and baseboards. Interior trim is both decorative and functional. It comes in several different styles and serves to finish the adjoining ...
The meaning of an undisclosed principal in everyday use often refers to a confidential client who intends to keep their identity hidden. Typically, this individual remains in the background ...
Giving money, a good, or service that is worth something in exchange for another good or service provided by the other party. An example is paying cash for the market price of a home. ...
Comments for Revaluation
Is revaluation a binding appraisal?
Jun 25, 2021 05:44:26Hey Shanya! Thank you for reaching out to us. A revaluation is not a binding appraisal, and it can be appealed. What you need for that is the assessment letter which contains all the information related to the property based on which the final value is determined. If you find any inaccuracies, it will be an easy process. You can also hire an appraiser for another opinion. You can also look at the comparables and see potential differences in assessments or the actual properties (an additional fireplace, an extra bathroom, etc.) - in this case, the properties (yours and the comparable) aren't comparables anymore. Once you have your research, you can contact your local assessor's office and request a review. If the review doesn't satisfy you, you can appeal it. One thing to note, however, if you reach an appeal, the most that can happen is that your property's assessment is lowered, but not the tax rate. You will get a tax rate reduction. Keep in mind that this whole process can take up to a year in some jurisdictions, and it does not guarantee a reduction to your bill.
Jul 01, 2021 11:42:30Have a question or comment?
We're here to help.