Define "adjustment factors" in the context of mass appraisal.

Adjustment factors in the context of mass appraisal refer to numerical values applied to account for differences between comparable properties and the subject property. When appraisers are valuing a property, they often rely on comparable sales of similar properties to determine its market value. However, even among comparable properties, there can be variations in features such as size, condition, location, and amenities.

Adjustment factors are crucial for quantifying these differences. By applying these numerical adjustments, appraisers can make the necessary modifications to the sale prices of the comparable properties to accurately reflect the value of the subject property being appraised. This process helps ensure that the valuation reflects the true market conditions and provides a fair estimate of worth. The use of adjustment factors is essential in achieving equity in property taxation and ensuring that assessments are based on comparable and fair data.

In mass appraisal specifically, where numerous properties are assessed, the application of adjustment factors allows for a systematic approach that enhances the accuracy and consistency of valuations across an entire jurisdiction. This thorough consideration of differences helps maintain fairness in the assessment process.