What does the term 'adjustment' refer to in property assessment?

In property assessment, the term 'adjustment' refers specifically to the positive or negative changes in assessment values. Adjustments are crucial because they reflect the variations in property values due to different factors, such as improvements made to a property, changes in the local market, or modifications in assessment methodologies.

When a property undergoes significant changes—like renovations, expansions, or even deterioration—assessors will adjust the property's value to accurately represent its current market condition. This ensures that the assessed value aligns with real market trends and reflects factors that may enhance or decrease the desirability and worth of the property.

The other options, while relevant to the broader field of property assessment, do not encapsulate the essence of what 'adjustment' signifies. Specifically, net value after depreciation focuses on the overall assessment value post-depreciation rather than the individual adjustments that may have occurred. Changes in property market conditions are important but they represent external factors rather than specific value adjustments. Tax exemptions claimed by property owners relate to the benefits that reduce tax liabilities, not to the adjustments made in property assessments themselves. Thus, the correct interpretation of 'adjustment' is centered around the direct changes made to assessment values themselves.