When will new values from the reassessment impact tax bills?

It is important to note that your July 2022 and October 2022 tax bills are estimates based upon your property’s 2021 assessed value and the 2021 tax rate. Your final 2022 tax bill will be determined in November using the new assessed value and the new property tax rate. The final quarterly tax bills due in January and March 2023 will reflect the total amount of your tax bill less the July and October estimated bills. The January and March 2023 tax bills will reflect the full amount of any increase or decrease in taxes for the tax year. The tax year runs from April 1st through March 31st.

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1. Who determines when a reassessment is done?
2. What sales will be used in determining market value?
3. Will types of property be valued differently?
4. Will all the homes in the City be inspected?
5. Since not all homes in the City will be inspected, should I do anything to ensure that the information the City has on record is accurate?
6. Will assessed values change as the market values of residential homes change?
7. Will my new assessment be exactly the same as my recent purchase price?
8. What if I disagree with the new assessment?
9. When will new values from the reassessment impact tax bills?
10. What is the expected impact to the overall tax rate?
11. Will the City receive additional taxes from the reassessment?
12. How does the update coincide with the budget process?
13. How likely is it that my taxes will increase or decrease?
14. Are commercial, industrial, apartments and other types of property being reassessed?
15. Who are the various parties that are conducting and overseeing the reassessment