I recently assisted homeowners who believed their real estate taxes were too high because their town greatly overvalued their house. The case went to a court trial with the judge finding in favor of the homeowners and reducing the value of their house resulting in annual tax savings of about $7,000 per year.
If your property is assessed or valued more than its fair market value, you are paying too much in taxes, but you do have recourse.
Those values will be used to calculate your property tax. The value determined this year will be carried forward to the next four or five years until the next revaluation. Now is the time to determine whether your property is correctly valued.