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Although the appraisal concepts are the same and the results similar, the process is different. No particular sale or group of sales is used to determine the value of your property, but all of a certain calendar year’s sales are included in the analysis that set the parameters for the next fiscal year.
Every 3rd year the Department of Revenue (DOR) requires each city or town to conduct a revaluation. This is a year-long process during which the DOR examines every phase of the assessing operation before certifying the values. During the 2 years in between revaluations the Assessors may change the values if sales activity so indicates. These yearly updates are called Interim Year Adjustments. There was an adjustment to the values for FY 2009.