Residential Property Laws: What They Mean To You The Buyer

Mass appraisal depends upon the ability to infer values which apply to the population of residential properties from the sales sample. The sample must be representative of the population. Accordingly, the Area Report presents a series of graphics which indicate the degree to which the sales sample succeeds as a representation of the population in terms of several important characteristics. Step 3 of the mass appraisal process requires the appraisers to identify characteristics that affect the creation of value; we would definitely expect Age (here measured by Year Built), Size (as measured here by Above Grade Living Area), and Quality (here measured by Building Grade) to be important characteristics related to value of residential property. Accordingly, the tables and graphs in these exhibits show the degree to which the sales sample match the population of residential property in the area in terms of these dimensions.