How are tax rates set?

The Municipality determines the amount of revenue (R) to be raised. The Municipality then totals all the assessments (A). The Municipality divides the revenue (R) by the Assessments (A) to get the actual tax rate: Tax Rate = R/A (or mill rate).

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1. What are the current Tax Rates?
2. What exactly is a “Revaluation”?
3. Why are the “Revaluations” performed?
4. Where do you get the values?
5. What is “Fair Market Value”?
6. How are properties priced?
7. What about Land values?
8. I recently purchased my property for a price which is different than the value estimated for this “Revaluation.” How is this possible?
9. How much will my taxes be following this “Revaluation”?
10. Will taxes go up?
11. How are tax rates set?
12. How will I find out my new value?
13. Suppose I disagree with my value?
14. If there are informal hearings, what should I bring to the hearing?
15. Then what happens?
16. Suppose I still disagree?
17. How can I tell if my value is correct?