For how many years should an assessor determine the value of all taxable property since the last valuation?

In Guam, the law mandates that property assessors must determine the value of all taxable property at least every five years. This periodic reassessment ensures that property values accurately reflect current market conditions, which is crucial for fair taxation. The five-year cycle allows assessors to account for changes in property values due to various factors such as economic conditions, improvements made to properties, or changes in the local real estate market.

This timeframe is important to maintain equity in taxation, as it prevents significant disparities in property tax assessments that could arise if properties were valued at differing intervals. By requiring a reevaluation every five years, Guam aims to provide a systematic approach to property assessments that balances the need for revenue with fairness to property owners.