What is meant by "uncapping" in property assessments?

Uncapping in property assessments refers specifically to the process of resetting the taxable value of a property to its assessed value when there is a change in ownership. This means that when a property is sold, the local authorities will reassess its value, which often leads to an increase in taxes for the new owner. This is because the taxable value, which is typically limited in how much it can increase annually due to property tax laws, is returned to the assessed value, potentially resulting in a higher tax obligation.

This process contrasts with the other options, which do not accurately describe uncapping. Raising the assessed value of all properties does not capture the specific action related to ownership transfer. Lowering the taxable value for elderly homeowners and implementing a tax freeze for newly purchased properties also do not relate to the concept of uncapping as they serve different purposes within property tax regulations.