What best describes the purpose of utilizing comparable sales in property assessment?

Utilizing comparable sales in property assessment serves the primary purpose of setting a competitive market price for real estate. By analyzing the sale prices of similar properties in the same geographical area and market conditions, assessors can establish a fair value for a specific property being assessed. This approach is crucial because it reflects the current market trends and conditions, ensuring that properties are valued based on their actual worth as determined by what buyers are willing to pay for similar homes.

This market-based method takes into account various factors such as location, size, condition, and amenities of the comparable properties, which helps in arriving at a more accurate assessment. It ensures that the assessed value aligns with current market realities while also providing a standardized methodology for comparison purposes that helps in ensuring fairness and equity in property taxation.