Annual Review
The local
assessors are responsible for annually reviewing every assessment in
their taxing jurisdiction. Tax Day is December 31 of each year and the
property is assessed at 50% of its True Cash Value (TCV) as of that
date.
The local assessors, through the local Boards of Review, are the
only entities allowed to change individual assessments. The Equalization
Department may not change individual assessments; it may only change
the entire class of property by adding to or deducting from the
assessment roll. This is done by applying a multiplier (i.e., a factor).