Tax assessed values on commercial/residental properties

[Account Closed]

How do tax assessed values on commercial/residential properties go up or down?

I'm looking at a commercial property that has been assessed at the same amount, $94,400, since 2007. It's a 5 unit property in a decent neighborhood. My question is this: how can that amount change (for better or for worse)? I know improving the property is obviously going to make it worth more, but how has this property's assessed value has remained the same for 9 years? When you file your permit with the town they know how much value you're adding so I'm assuming they update the value on the spot. However, does having an appraisal done on the property affect the number determined by the tax assessor at all? I guess what I'm trying to ask there is if the appraiser has to disclose any new property appraisal values to the city/town?