HOW OFTEN ARE PROPERTY TAXES RECALCULATED?
How often property is assessed varies from place to place. Some municipalities reassess property every time it changes hands. This results in similar properties being assessed differently based solely on how many people have owned the property rather than on attributes of the property itself. Other municipalities periodically reassess all of the properties within their borders, even if there has not been a change of ownership. Still other municipalities reassess properties every time an owner improves the property. As mentioned above, it is not unusual for a homeowner’s taxes to increase following the addition of a bathroom or the renovation of a kitchen.
