How is property reassessed?
A. Real property is reassessed at fair market value using a “Mass Appraisal” process which may described as: • “The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing.” • It may also be described as the “appraisal of multiple properties”, as of a given date, by a systematic and uniform application of appraisal methods and techniques that allow for statistical review and analysis of results. A mass appraisal establishes an individual property value (result) for each property in a group of properties as of a certain date”(date of value) .
