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City News

Posted on: June 19, 2020

City Halts Implementation of Property Revaluation

NEWS ALERT

The City’s Assessor’s Office has officially announced it is halting implementation of this year’s citywide property revaluation until 2021 citing the unknown real estate market and fiscal implications of the COVID-19 pandemic. In March, the City announced it was delaying the process to a date to be determined.

“Given the unknowns with the changes the real estate market will see from the pandemic, it would not be prudent to set new values for the April 1, 2020 assessment date. We will continue to analyze market data to see what trends emerge as this crisis continues and make necessary adjustments accordingly,” said City Tax Assessor Christopher Huff.

He added, “achieving uniform, fair and equitable property taxation is the paramount goal for our office, especially with a long overdue revaluation. However, I feel the potential impact to market values from the pandemic outweighs this concern for the coming year. We would not be doing our due diligence if we did not take into account the market changes that develop. Therefore, we will continue to analyze the market response over the coming months, make any adjustments necessary and set new assessment values as of 4/1/2021 for the Fiscal Year 2022 tax billing cycle.”

The final phases of the current revaluation project were about to get underway when the pandemic hit. New value notices were scheduled to be sent to all property owners in May with informal value appeals set to commence in June. These activities will still take place, but will occur next year instead. A new timeline and schedule will be posted once these dates are determined.

This is the City’s first revaluation in over 15 years. The goals of a revaluation are two-fold: to set all property values at 100% of their fair market value and ensure that all property is assessed uniformly and equitably at the same level. With skyrocketing property values in some areas of the City over this time, wide disparities have occurred between assessed values and market values, especially within the City’s peninsula neighborhoods.

The current revaluation project commenced in February 2019 and was set to be concluded in August 2020. Tyler Technologies CLT Appraisal Services™ was the vendor selected to conduct the revaluation, in conjunction with the Assessor’s Office. It is anticipated they will continue with the project through its duration and conclusion next year. 

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