Which process assesses the value of real estate to ensure fair taxation?

The process that assesses the value of real estate to ensure fair taxation is property appraisal. Property appraisal is a systematic method in which a qualified appraiser evaluates a property to determine its market value based on various factors such as location, size, condition, and recent sales of comparable properties. This assessment serves as a critical foundation for establishing the property’s taxable value, ensuring that property taxes are both fair and equitable for property owners.

Understanding property appraisal is essential for a municipal assessor because it directly influences property tax assessments that are crucial for local government funding, including schools, roads, and public services. An accurate property appraisal guarantees that taxation is based on realistic and current property values, thereby helping to maintain public trust in the assessment process.

While market analysis, assessment review, and valuation assessment may involve aspects of evaluating property, they do not specifically define the systematic evaluation process of determining the value of real estate for taxation purposes as property appraisal does.