What is the difference between a tax assessment and a tax reassessment?

@garret_hahn 

A tax assessment refers to the process of determining the value of a property, business, or individual's assets, upon which the tax liability is calculated. It involves the evaluation of various factors such as market value, income, or other relevant criteria. The assessment is typically conducted by a tax assessor or a governmental authority responsible for determining the taxable value.

On the other hand, a tax reassessment refers to a subsequent evaluation or review of the initial tax assessment. It usually occurs when there are significant changes to the property, such as renovations or improvements, or when there are changes in certain factors that affect the property's value, such as market conditions or zoning regulations. A tax reassessment may result in either an increase or decrease in the taxable value of the property, leading to a change in the amount of taxes owed.

In summary, a tax assessment is the initial determination of the taxable value based on specific criteria, while a tax reassessment is a subsequent evaluation or review of the initial assessment due to changes in property value or circumstances.