What is the purpose of time adjustments in mass appraisal?

Time adjustments in mass appraisal serve the critical function of accounting for market fluctuations that occur between the sale dates and the assessment dates. Real estate markets are dynamic and can change significantly over short periods due to various factors such as economic conditions, interest rates, and local demand and supply variations. By incorporating time adjustments, appraisers can align property values more accurately with current market conditions, providing a fairer and more equitable assessment that reflects the true worth of properties at the time of assessment.

This approach helps mitigate discrepancies that might arise from using outdated sales data, ensuring that appraisals consider the most relevant and recent information available. By correcting for these temporal variations in market conditions, appraisers improve the reliability of their valuation models. This ultimately leads to more equitable property taxation and assessment practices, reflective of actual market realities.