Glossary

Assessment ratio

The published fraction of market value at which a jurisdiction assesses property.

Where a state assesses at less than full market value, the ratio is the bridge between the two figures. A property assessed at one hundred thousand dollars in a jurisdiction using a twenty-five percent ratio is being valued at four hundred thousand. Any comparison against sale prices has to run through the ratio first. Comparing an assessed figure directly against sales in a fractional-assessment state produces a nonsense result that looks like a large over-assessment.

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