What is an adjustment made to the assessment based on comparable property sales commonly referred to as?

The concept referenced in the question relates to the practice of adjusting property assessments based on the sales data of comparable properties in the market. This adjustment is termed "sales chasing."

Sales chasing involves evaluating recent comparable sales to ensure that property assessments reflect current market conditions. This technique helps assessors maintain accuracy in property valuation by aligning assessments with market realities, thereby ensuring that properties are not undervalued or overvalued relative to similar properties that have been sold.

In contrast, while terms like market valuation adjustment, sales adjustment, and assessment recalibration may encompass related ideas such as adjustments to valuations based on various market analyses, they do not specifically capture the practice of closely following and adjusting assessments based on the most recent sales data in the same way that sales chasing does. Thus, the terminology used is particularly important to understanding the method being discussed.