Value Update/Equalization Updates is the process of updating all or part of a municipality for the purpose of either bringing all values to 100% of the current market value, or bringing a class of property, such as vacant land or commercial properties or waterfront property (which tend to appreciate and depreciate at different rates then normal residential property), back in line with the rest of the municipality. The purpose of this is so that all properties are valued fairly and represent an equitable portion of the market. If your general level of assessment, your "Assessment to Sales Ratio" is 85%, that is all classes of property in the municipality are at 85%.

These programs generally do not include re-measuring and inspecting the properties, but are statistical in nature, require a verification of sales data, a re-creation of cost tables and a recalculation of values. It can include a full review of the class of property being adjusted or the entire town.

Notices of new values and informal reviews with interested property owners can also be incorporated into the update at the municipality's request.  Since these programs generally do not include the measure and listing phase of a revaluation, they tend to be considerably less expensive and done more often.

Avitar offers a full range of update programs.