The process of annually reviewing assessment valuations as of January 1 is referred to as General Reassessment. Annual assessments are made by utilizing accepted professional real estate mass appraisal methods, techniques and standards.
Mass appraisal is defined by the International Association of Assessing Officers (IAAO) as “the process of valuing a group of properties as of a given date, using standard methods, employing common data, and allowing for statistical testing.” All real estate assessments are reviewed each year, although not all assessments are changed.
Affects of Assessments
Real estate assessments may increase, remain unchanged or decrease: Changes in assessments will result from changes in the real estate market, changes to the property (new construction, additions, demolition, rezoning) or corrections in property information. A Notice of Assessment Change is only mailed to those property owners whose assessments change.