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
Changing property ownership. An example is the sale of a home to another. ...
A lender can be a private individual, a private or public group, or an institution that loans funds to a person or business that the lendee would later repay with interest in most cases. In ...
The definition of real estate owned (REO) is known by heart by house flippers or by real estate agents specialized in bank owned properties. These are properties that once used to be in a ...
Provision permitting a lender to charge the borrower a penalty for repaying a loan before its due date. ...
Housing where affirmative action is proactively pursued protecting the housing rights of people of all races, nationalities, and religions. ...
Insurance based on the National Flood Insurance Program, enacted By Congress in 1968. The intent of this legislation is to provide insurance coverage for those people suffering real ...
Individual renting a residential or office unit. ...
In order to define allotment, we have to take into consideration what it refers to. While generally, it refers to a certain amount of something that is allocated to a particular person, the ...
Something that is illegal. An example is an unenforceable debt because it has exceeded the statute of limitations. ...
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.