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Increase in value legally refers to the documented rise in the market value of an asset or property that is recognized by law for taxation or legal purposes.
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The purpose of increase in value legally is to ensure that property valuations are current and reflect accurate market conditions, which in turn affects property taxes and assessments.
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Information that must be reported includes the property description, previous value, current assessed value, date of assessment, and any relevant appraisal documents.
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