Revaluation - "The mass appraisal of all properties within an assessment jurisdiction to equalize assessed values".
A Revaluation can also be defined as a complete re-inventorying of a Town's taxable Real Property. There are generally two types of Revaluations: A physical Revaluation and a non-physical Revaluation. A physical revaluation involves a complete re-inspection and re-measurement of all properties with new values for all properties being the final result. A non-physical Revaluation does not involve a re-inspection and re-measurement of all properties but does result in new values for all properties. However, some properties are inspected even under a non-physical Revaluation. Properties that may be re-inspected during a non-physical Revaluation may include (but are not necessarily limited to) properties that have sold, properties that are newly constructed, properties that have an outstanding building permit, etc. The 2021 Revaluation for Wolcott is a physical Revaluation.
For the Town of Wolcott, this Revaluation will involve the re-appraisal of all real estate in town, in order to bring about uniformity in property values.