A reassessment does not increase or decrease tax revenues. It only redistributes the total tax burden more fairly. A resident’s county, municipal, and school taxes are all based on the assessed value of a property. Past practice from reassessment shows that about one third of properties will see lower taxes, one third will see little to no change and one third will see a tax increase. The reassessment will be revenue neutral for the county. As per state law, the point of a reassessment is to make things fair and equitable for all taxpayers using the most accurate property values as a basis. By state law, total countywide tax revenues collected from Wayne County tax parcels cannot be more in the year following a general county reassessment than they were in the previous year. Millage rates will be readjusted to take into account the new assessed values.