Assessment is the process of placing value on a property for the purpose of property taxation. Reassessment is an update of all real property assessments in the City, conducted by the Assessor to equalize values among taxpayers and to adjust values to current market conditions.
Personal property is assessed every year.
For most real estate owners, nothing. However, if new construction, rehabilitation or renovation have taken place, the property's market value is adjusted to reflect the added value of the new construction. The total value is based upon the market conditions as of January 1 of the preceding year. When you receive an assessment notice or tax bill for your house, business property, etc., you will notice that land and improvements are listed separately. Personal Property - any property that is not real property, that is, not permanently affixed to part of real estate.