Definition of "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

Comments for Revaluation

Shanya Howard Shanya Howard said:

Is revaluation a binding appraisal?

Jun 25, 2021  05:44:26

 
Real Estate Agent

Hey 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  11:42:30
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Secondary written agreement to purchase real property in the event the initial contract is not signed. ...

Transfer of title based on a preceding title transfer of conveyance. A derivative conveyance increases, ratifies, moderates, renews or transfers the stake created by the original ...

Recording an expenditure having a benefit of more than one year to the cost of the property. ...

Same as term graduated lease: A rental stipulation a varying rental rate. Rental rate are determined tied to periodic appraisals or an inflation or an inflation index. The provision is more ...

Right of a property owner located adjacent to an airfield to use the airspace above a certain distance to fly an airplane. However, the owner may not be allowed to put structures, signs or ...

A four-unit building with four tenants in a condominium type of ownership and management. ...

Lease agreement having level payments during the contractual period. It does not have an escalation clause to allow for increased costs due to increases in inflation, taxes, or other ...

Notion that a buyer should not pay more for a property than it would cost to buy at current prices for land, labor, and appraisals. ...

Generally, the escalation clause, often known as the escalator clause, means a provision in a contract enabling an upsurge in prices, bids, or wages. You must understand that they come into ...

Popular Real Estate Questions