§ 503

Fair market value of real estate (a) In the event that the fair market value of real estate is materially changed because of total or partial destruction of or damage to the property, or because of alterations, additions, or other capital improvements, the taxpayer may appeal as provide by law. (b) When the fair market value of real estate is finally determined by appeal to the Board of Listers or to the Board of Civil Authority, then the value so fixed shall be the fair market value of such real estate for the year in which the appeal is taken. (c) When the fair market value of real estate is finally determined by the Director of Property Valuation and Review (PVR) or by a court having jurisdiction, then the value so fixed shall be the fair market value of such real estate for the year for which such appeal is taken and for the ensuing two years, unless the taxpayer’s property is altered materially, is damaged, or if the Town in which it is located has undergone a complete revaluation of all taxable real estate, in the event of which, such fair market value may be changed. (Amended 2019, No. M-8, § 1, eff. June 10, 2019.)