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
Restoring real property to an improved state. The restoration is usually needed because the property's condition has worsened. ...
Right to select something or perform some act. An example is a renter of property that is given the option to buy the home at the end of the rental period or to renew the lease. Not ...
In urban areas, one way to organize urban development is to keep track of building density. The building density definition is a way to determine the concentration of buildings in a given ...
Appropriateness of the soil for the designated purposes. An example is soil suitable for the growing of vegetables and fruit, or grazing for horses. ...
Act of receiving the rights and privileges of a citizen including property rights. ...
Regulation of the Securities and Exchange Commission (SEC) establishing the criteria to avoid a private offering. For example, John wants to sell shares in an apartment house to several ...
Detailed financial accounting of all the credits and debits for the buyer and seller upon consummation of a real estate sale. ...
Insurance affording protection against losses due to damage to or destruction of property or contents therein. Insurance protects assets and any future income thereon from loss, such as a ...
Bankruptcy declared by any insolvent person or business. In contrast to involuntary bankruptcy, which is applied for by the creditors. ...
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.