What method is used to determine assessment accuracy compared to sales prices?

The method used to determine assessment accuracy compared to sales prices is Sales Ratios. This approach involves comparing the assessed values of properties to their actual sale prices. The resulting ratio provides insight into how well property assessments align with the current market value as reflected in sales transactions. This method helps assessors evaluate whether properties are being taxed fairly and uniformly, ensuring that assessments are based on accurate market data.

Sales ratios can indicate trends in the real estate market, helping to identify if assessments are too high, too low, or appropriately aligned with recent sales activity. By analyzing these ratios, assessors can make necessary adjustments to improve the accuracy of property assessments, which is integral to maintaining a fair and equitable taxation system.