Revaluation (aka reassessment) seems to be the talk of the town lately and the questions it has raised are plentiful:
- Should I appeal my property revaluation or not?
- Am I being treated fairly?
- Is it true that Fair Market Value, Appraised Value, Insured Value and Assessed Value can be the same? If so, isn’t that a rare occurrence?
Let me start with the last question first. I want consumers to know that the Insured Value is probably the highest and should be given that replacing something is the most difficult task to complete. Insured Value is all about replacement costs, not fair market value. If your home burns to the ground, you need to replace and rebuild.
Now, let’s talk revaluation.