What term describes adjusting assessments based on recent sales of comparable properties?

The term that accurately describes adjusting assessments based on recent sales of comparable properties is "chasing sales." This phrase reflects the practice of updating property assessments in response to current market activity, where assessors monitor and consider recent sales transactions to ensure that property values remain aligned with market trends. This strategy is essential for maintaining accurate assessments, which are crucial for fair taxation and property valuation.

In contrast, other terms like comparative sales typically refer to the process of evaluating properties against similar ones to derive a market value rather than emphasizing the adjustment aspect. Market adjustments may imply changes made based on broader market trends rather than just specific sales data. Sales analysis usually encompasses a broader examination of sales data without focusing on the direct relationship to assessment adjustments. Each of these terms has its distinct context within the realm of property assessment and valuation, but "chasing sales" specifically highlights the direct reaction to recent transactions when adjusting property valuations.