What is an essential factor in determining if a reassessment is warranted?

In determining whether a reassessment is warranted, the year of the last revaluation serves as a critical factor because it establishes when the property values were last updated to reflect current market conditions. If a significant amount of time has passed since the last revaluation, there is a higher likelihood that property values in the area may no longer be accurately represented on the tax rolls.

Market dynamics can change substantially over time due to various factors such as economic shifts, changes in the local real estate market, or alterations in neighborhood desirability. By evaluating the time elapsed since the last revaluation, tax assessors can better judge if the assessments are still reflective of current market values. This can be essential to ensuring fair and equitable taxation within the community.

While the other options may provide some context about fluctuating pressures or trends in a specific locale, they do not directly determine the necessity of a reassessment in the same manner as the year since the last revaluation does. For example, new homes built may influence overall property values but do not automatically indicate that all property assessments need to be reevaluated. Similarly, the volume of tax appeals can suggest dissatisfaction with current assessments yet does not inherently trigger a reassessment. Lastly, while an overall increase in property values might