What does the Constitutional Value Standard require regarding real property assessment?

The Constitutional Value Standard mandates that real property assessments must be uniform across properties within the same jurisdiction. This means that similar properties should be assessed at comparable values to ensure fairness and equity in taxation. The principle of uniformity helps maintain public trust in the assessment process and upholds the constitutional mandate that property taxes should not be disproportionately placed on one group of taxpayers over another.

In contrast, assessing properties based on current market trends could lead to discrepancies in how properties are valued, resulting in inequitable assessments. Applying a value multiplier based on location might create bias in valuation, as it could favor certain areas over others. Exempting certain properties based on usage may further complicate the assessment process and undermine the efforts to maintain uniformity, as it could introduce additional inequities in tax burdens. Thus, the emphasis on uniform assessment aligns closely with the fundamental principles set forth by the Constitutional Value Standard.