What are "valuation tiers" in the context of mass appraisal?

Valuation tiers refer to levels or categories of valuation methods based on the types of properties being assessed. This concept is important in mass appraisal because different types of properties often require distinct approaches to valuation due to variations in their characteristics, market behavior, and the methodologies appropriate for each type.

In practice, categorizing properties into valuation tiers allows appraisers to apply the most suitable valuation techniques for each type. For instance, residential properties may be valued using comparative market analysis, while commercial properties may necessitate an income approach. This tiered approach ensures that the valuations are more accurate and reflective of the market, which ultimately improves the effectiveness of property tax assessments.

This understanding helps in creating a structured methodology for valuation, allowing appraisers to systematically and consistently assess different property types while considering the unique aspects of each tier.