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

When a real property value is established through an appeal hearing, the Board of Assessment (BOA) is generally restricted from changing that value for a specified period unless particular conditions arise. The correct choice indicates that this duration is two years.

This timeframe is significant as it ensures a certain level of stability and predictability for property owners regarding their tax assessments. It enables them to have confidence in the market value established during the appeal process. However, the BOA can adjust the value under certain conditions, such as new evidence coming to light that justifies a revision or if there are significant changes in the property’s condition or market influence during that period.

In many jurisdictions, the two-year rule strikes a balance between allowing the BOA to make necessary adjustments while also providing homeowners with some assurance that their property valuations will remain stable for a specific duration after an appeal, fostering trust in the assessment process.