For an assessed value to be considered excessive or discriminatory, it must be proved that the assessment does not fairly represent one of two standards:
1. True Market Value Standard After a revaluation, all assessments in the municipality must be 100% of true market value as of October 1 of the previous year.
2. "Common Level Range" Standard To explain the common level range you must consider what happens after a revaluation in your town is completed. External factors such as inflation, recession, appreciation, and depreciation cause values to increase or decrease at varying rates. Other factors such as physical deterioration may change property values. If assessments are not adjusted annually, a deviation from 100% of true market value occurs.