The city government of São José do Rio Preto, São Paulo, has reported a significant reduction in the assessed value of 14,000 properties within its jurisdiction. This change follows a detailed review of the Generic Valuation Plan conducted by the Foundation Institute of Economic Research (Fipe). The reassessment was necessary due to structural inconsistencies in the previous valuation plan, which originated from issues left by prior administrations and did not accurately reflect the current market conditions.

In its announcement, the municipal administration emphasized that the update to the Generic Valuation Plan aligns with recommendations made by the São Paulo State Court of Accounts (TCE-SP). This proactive step is part of the city hall's commitment to ensuring fair and transparent property tax calculations, particularly for the upcoming property tax year in 2026. The local Secretary of Finance noted that the revisions do not invalidate the original study; rather, they exemplify the administration's willingness to refine technical work when necessary.

This revision is significant for residents in São José do Rio Preto, as it could potentially lower their property tax bills. The impact on the local real estate market and residents' financial burdens can lead to positive community sentiments, especially among those who have felt overburdened by past tax assessments. Overall, this move is seen as a step towards greater equity and responsiveness in governance when it comes to fiscal matters affecting citizens.