What is an appraisal study?

An appraisal study serves as a representative sampling of parcels from a property class, enabling assessors to understand market trends and property values within a particular area. This approach allows for a more accurate assessment of property values, as it involves evaluating a selection of properties that typify the characteristics of the entire class. By analyzing these representative parcels, assessors can extrapolate findings to reflect broader market conditions, ensuring that assessments are fair and equitable based on current market data.

While determining tax rates and analyzing recent sales or public property records can be part of the broader appraisal process, these activities do not capture the essence of what an appraisal study is. The focus of an appraisal study specifically emphasizes sampling to draw conclusions about a broader class of properties, making it a vital tool in the property assessment process.