What is the purpose of the Revaluation Factor?

The Revaluation Factor is primarily used to evaluate property values. During a revaluation process, assessors appraise properties to ensure that the assessed value reflects the current market value. This process helps in maintaining equity among property owners regarding taxation. By adjusting the assessed values through the Revaluation Factor, the municipality can ensure that all properties are taxed fairly based on their updated values.

For municipal finance, the accuracy of property valuations is crucial because tax rates are generally calculated based on the total taxable property value in a municipality. Maintaining accurate and equitable assessments helps municipalities allocate resources effectively and avoid disputes related to property taxes.

While some other options, such as determining eligibility for exemptions or assessing them for veteran benefits, are relevant to the role of an assessor, they do not directly pertain to the specific function of the Revaluation Factor itself. The focus of this factor lies in the assessment of property values to ensure fairness and accuracy in the taxation process.