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
Standard days when an organization is open and conducts business. Business days exclude weekends and holidays. ...
Short-term leases are leases that run its completion in a faster time than regular ones.In real estate, short term-leases usually refer to temporary housing; that is: rent.The length of a ...
Act occurring after the fact. ...
Through the master plan definition, we can understand it’s a plan describing both through narrative and maps the overall land use of a designated urban area. It includes both present ...
Also called an installment sales contract or contract foe feed. A type of creative financing in real estate allowing the seller to finance a buyer by allowing him or her to make a down ...
Expenditures paid for in advance such as property insurance, rent, and interest. Prepaid expenses are not used or consumed until later. They are typically of a recurring nature. ...
An acre is defined as a land unit that is commonly used in the US customary and imperial systems of 66 by 660 feet (one chain by one furlong). An acre is a measure of volume used in many ...
The method for splitting a commission between a registered real estate sales person and the sponsoring real estate broker, and between the listing broker and the selling broker, or any ...
So, after you discovered what a Home Appraisal is, you want to know more about the person responsible for it: the famous Appraiser.Good for you!The Appraiser is a certified individual ...
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.