What Is Reassessment?

Reassessment is the process through which your county or municipality updates property values to reflect current market conditions. How often this happens varies dramatically by state. Texas and Florida reassess every property annually. Ohio reassesses every 6 years with triennial updates. Tennessee uses a 4 to 6 year cycle depending on the county. Some Pennsylvania counties have not conducted a full reassessment in decades, leading to outdated values that bear little relation to current market prices. Reassessment years are when property owners are most likely to see significant changes in their assessed values. If your county has not reassessed in several years and the market has appreciated, you may see a large jump when the new values are published. Conversely, if the market has declined, a reassessment should lower values, but some counties are slow to recognize declines. During a reassessment, the county assessor's office typically uses mass appraisal methods: computer models that analyze recent sales data, property characteristics, and market trends to estimate values for all properties in the jurisdiction at once. These models are efficient but imperfect. They work well for typical properties in active markets but can produce inaccurate results for unique properties, properties in transitioning neighborhoods, or areas with few recent sales. Reassessment years are the most important time to review your assessment notice carefully and file an appeal if the new value seems too high.