Which process is used to ensure properties are appraised equitably at market value?

The process that ensures properties are appraised equitably at market value is known as equalization. Equalization is a method used to adjust property assessments to account for variations in market values and ensure that all properties within a jurisdiction are assessed uniformly. This process is crucial for the fairness of the property tax system because it helps to reconcile differences in assessment practices among municipalities. By applying equalization factors, assessors can distribute property tax burdens more equitably, making certain that similar properties are taxed at similar rates relative to their true market value.

Other processes, such as determining purchase price estimation and sale price, generally focus on individual property transactions and may not adequately address broader assessment discrepancies across various areas. Likewise, assessment review pertains more to the evaluation of specific assessments rather than the overall goal of achieving equitable market valuations across the board. Thus, equalization serves as the key mechanism for achieving uniformity and fairness in property taxation.