To perform a reassessment of something is to evaluate it again, or reappraise it, especially if its value has changed or new information has altered your understanding of it.
Towns and cities that charge property taxes need to know how much buildings are worth, so they can charge an appropriate amount. But, since real estate is always changing, towns and cities occasionally perform what's called a "reassessment" to determine the current value of each building. And since it is easy to misspell, don't forget: reassessment has two sets of two s's.
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