In effect, they do what you would do to determine the selling price when putting your property up for sale. There are specific guidelines to follow. Revaluation does not affect your taxes yet, but will as of July, 2001. A tax base for the years total taxes is determined by the Grand List compiled each October. A revaluation may result in an increase or decrease of individual assessments.
Assessments are the base that is used to determine the tax burden.
The tax burden is the amount that the Municipality must raise to operate the local government and support the many services each of us has come to expect such as schools, police, fire, etc. No, the new assessment that is developed is a gross assessment and does not include any exemptions for property taxes applied through state programs to eligible elderly, veteran or disabled participants. These exemptions will be figured in when a net assessment is created prior to the tax billing of July, 2001. All previous exemptions will remain in effect for all properties. There are two very good methods of determining this.