Properties are assessed so that those of us who want the advantages of having schools, fire and police protection, road maintenance and other public benefits can absorb our fair share of the costs, in proportion to the amount of money our individual properties are worth. The property tax is part of a well-balanced revenue system. It is a more stable source of money than sales and income taxes because it does not fluctuate as much when communities have recessions. When the community spends your tax dollars on better schools, parks, and so on, property values generally rise. The Commissioner of the Revenue notifies property owners each February or March of assessed values.
Annual assessments keep pace with changes in the market.
During a reassessment, all property values are examined and adjustments are made where necessary to guarantee that all property is assessed at market value. This is done to assure that the tax burden is distributed equitably and uniformly. Finding the market value of your property involves discovering the price most people would pay for it in its present condition. It's not quite that simple, however, because the appraiser has to find what this value would be for every property, no matter how big or small. But the appraiser's job doesn't stop there.