Not always. Some people have paid more than the market value for their property. Others may have bought their property at a bargain price and still, others may have purchased years ago when prices were different. Even if you have purchased your home recently and paid the current market value, your property assessment and taxes were based upon 70% of its 2021 market value and thus, must be revalued to reflect the 2021 market value. The true test of the Revaluation is whether the total estimated market value of your property, as of October 1, 2021, is reasonable.