If a real property value is set by a decision of an appeal hearing, how many years can the BOA not change that value unless certain conditions are met?

The determination that a real property value set by a decision of an appeal hearing cannot be changed by the Board of Assessors (BOA) for a period of two years is based on established regulations regarding property assessment appeals. This two-year period provides stability and predictability for property owners, ensuring that they are not subjected to fluctuating property values immediately following an appeal.

This timeframe allows property owners time to understand and adjust to the valuation that has been determined through the appeal process, while also allowing the BOA to monitor market trends and ensure that assessments reflect current conditions. There are specific circumstances under which the BOA may revisit the value, typically involving significant changes to the property itself or substantial shifts in the local real estate market. Adhering to this two-year rule helps to ensure due process and fairness in the property assessment process.