Many of us spent part of this past weekend watching March Madness. In fact, it’s the one time a year that I actually watch college basketball (and probably make up for the rest of the year in a few weekends). If you filled out a bracket prior to the tournament, chances are it’s time to reassess your picks (particularly in the Southwest Region where three of the four final teams were seeded 10th, 11th and 12th – a historical first). What happened to all the teams seeded 2nd through 9th?
Reassessment is an important aspect in college basketball. It’s also an important aspect in property taxation. Each state requires the jurisdictions in the state to reassess values, which are the basis for property taxation, on a periodic basis. For example, in Texas (a team knocked out of the NCAA tournament) jurisdictions are required to reassess every year. By contrast, Ohio (whose team will likely win the NCAA tournament) reassesses every 6 years. Splitting the difference is Iowa (a team that didn’t make the NCAA tournament) where jurisdictions are required to reassess every two years – and, by the way, the reassessment year is 2011.
When jurisdictions reassess values it provides a good timeframe for taxpayers to also reassess the values being placed on their property. Take advantage of the opportunity. You’ll probably get better results than you will with your NCAA bracket.
