Investopedia

Continue to Site »

Reassessment

Filed Under »
Dictionary Says

Definition of 'Reassessment'

The process of redetermining the value of a parcel of real estate for property tax purposes. A reassessment is done to determine the property tax bills. Property bills are based on both the assessed value of the property and the property tax rates. A reassessment usually causes an increase or decrease in a property owner's tax bill. Different jurisdictions have different processes for assessing real property. Some reassess values once a year, some do it once every two years and others do it only when the property changes owners. Property owners who disagree with the assessed value of their properties can request a reassessment.
Investopedia Says

Investopedia explains 'Reassessment'

Changes in tax rates, the addition of new taxes and an overall increase or decrease in real estate values because of market conditions can also affect the amount of a property tax bill. In some jurisdictions, the taxable value of a property will be less than its assessed value because of something called a homestead exemption, which provides a minor tax break for owner-occupants.

Articles Of Interest

  1.

    How Property Taxes Are Calculated

    Understanding how property taxes work will ensure that you won't be overcharged.

  2. 4 Overlooked Homeownership Costs

    Mortgage payments aren't the only expense. Find what else you'll be on the hook for.

  3. 5 Tricks For Lowering Your Property Tax

    Find out what steps you can take to reduce your bill.

  4. Cut Taxes By Reporting Property Damage

    Know the options you have for your insured property if and when a disaster strikes.

  5. 6 Tax Deductions That Might Get You Audited

    Incorrect or liberal interpretations of what you can write off will often lead to the IRS taking closer interest in your filings. Knowing the rules behind these six tax deductions will go a long ...

  6. Reasons Renting Is Better Than Buying

    Owning a home is much more expensive than renting. Here are the places where the costs differ greatly.

  7. Why Monopoly Is A Terrible Finance Teacher

    With its plethora of inaccuracies, Monopoly doesn't offer the best lessons in real-world finance.

  8. Retirement Living: Renting Vs. Home Ownership

    Here are three simple questions you should consider when weighing this decision.

  9. I recently got married and now we (together) have two houses (hers and mine). I have only lived in mine for 13 months and was wondering if there was an exemption to capital gains tax if we could not reasonably afford the two properties?

    According to Jared R. Callister, a former attorney-advisor to the United States Tax Court and current tax attorney for the California firm Fishman Larsen Goldring and Zeitler, because you've ...

  10. Tips For Transferring A House Title

    Transferring a house title can be complicated at times. Here are some guidelines to help you get through the process.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.

  2. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  3. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.

  4. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  5. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  6. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.
Trading Center