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State law requires that all property in the town be assessed within 10% of market value every 5 years. This is based on all sales not individual sales - (mass appraisal).
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A revaluation is an update of all assessments within the community conducted by the Board of Assessors under the direction of the Department of Revenue. The assessors of each community are responsible for developing a reasonable and realistic program to achieve the fair cash valuation of property in accordance with constitutional and statutory requirements. The nature and extent of that program will depend on the assessor's analysis and consideration of many factors including but not limited to, the results of an in-depth sales ratio study and the accuracy of existing property record information. Every 5 years the assessors must submit property values to the Department of Revenue for review and certification.
Assessors use mass appraisal procedures and techniques when determining thefair cash value of properties in their municipalities.