For most real estate owners, nothing. However, if new construction and improvements have taken place, the property is reassessed in the even-numbered year — but only to pick up the value that has been added. That value is based upon market conditions as of January first of the preceding year.
Reassessed values of real estate are placed on the tax rolls by the assessor every odd-numbered year (2013, 2015, 2017, etc.). Personal property is assessed every year.
Assessment is the process of placing value on a property for the purpose of property taxation. Reassessment is an update of all real property assessments in the county, conducted by the county assessor to equalize values among taxpayers and to adjust values to current market conditions.