Timothy P. Duggan, Chair of Stark & Stark’s Real Estate Tax Appeals Group, was quoted in the April 24, 2011 Hudson Reporter article, Time will tell: Is now the best – or worst – time for a reval? The article discusses whether now is the best, or the worst, time for the city to conduct property revaluations.
Mr. Duggan states, “In reality, a reval can be done at any time, although the best time is when the [property] market is as stable as possible. You actually have the same problems in a rising market that you have in a falling market. That problem being that the comparable sales that you use [to determine the fair market value of each property] fluctuate quite a lot, and fluctuate quite a lot within a short period of time.”
You can read the full article online here.