A revaluation program, which is supposed to be done periodically, seeks to more accurately reflect market conditions and spread the tax responsibility equitably within a municipality. Since market conditions change and assessments rarely change over time, the relationship between assessments and market values become more distant and must be brought into line.
Real property must be assessed at the same standard of value to ensure that every property owner is paying a fair share of the property tax.
For example, if the market value of your home is $300,000, it should be assessed at $300,000; if you have a market value of $600,000, your home should be assessed at $600,000.