What does "stratification" refer to in mass appraisal?

Stratification in mass appraisal refers to the process of dividing properties into distinct groups based on shared characteristics. This approach allows appraisers to analyze and compare properties with similar attributes, such as size, type, age, or other relevant features. By categorizing properties into strata, appraisers can apply the appropriate valuation methods more effectively, as properties within the same group are expected to behave similarly in the marketplace.

This methodology helps in improving the accuracy and fairness of property valuations because it recognizes that different types of properties may experience varying trends and demand in the real estate market. Consequently, stratification enhances the efficiency of the appraisal process by ensuring that properties are assessed in a way that reflects their specific markets and conditions.