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
Payments made to enhance the appearance and conditions of real estate property. In so doing, the market value of the property should increase. Examples of renovation costs are siding, ...
Unexpected growth in an urban locality. ...
Simulation that enables investors to determine variations in the rate of return on an investment property in accordance with changes in a critical factor. It is an experiment with decision ...
Document describing the benefits and provisions for people or businesses covered by group insurance. Document in life and health insurance issued to a member of a group insurance plan ...
Loan that combines smaller loans into one larger loan and typically arises from refinancing debt. It typically results in a lower overall interest rate, longer payment schedule, and lower ...
Federal agency providing home financing to qualified people in low-income, rural areas. ...
Opening in the wall of a structure to let in air and light. ...
Individual who will receive an inheritance upon the death of another. The proceeds of an insurance policy may be in a lump sum annuity. Real estate also passes to the beneficiary. ...
Difference between cash revenue less cash expenses before taxes associated with rental property or a real estate investment. ...
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.