Which term is used to refer to the adjustment of assessment ratios in mass appraisal?

The term used to refer to the adjustment of assessment ratios in mass appraisal is calibration. Calibration involves fine-tuning the assessment model to ensure that property values are accurately represented in accordance with the market or other benchmarks. This process is essential in mass appraisal as it helps in aligning the assessment ratios of properties to reflect their actual market value, thereby ensuring fairness and equity.

In practical terms, calibration can include statistical analysis and adjustments based on varying factors such as location, property characteristics, and recent sales data. This ongoing adjustment process is crucial for maintaining the integrity of the assessment system, as it ensures that valuations are consistently applied across different properties.

Normalization, on the other hand, refers to the process of adjusting data to a standard format across various units, and while it can be part of calibration, it does not specifically denote the adjustment of assessment ratios. Standardization involves the application of uniform criteria to assessments, which is more related to the methodology of how assessments are conducted rather than the adjustment of ratios. Modification generally pertains to changes made to individual assessments or the appraisal process but does not directly focus on the systematic adjustment of assessment ratios.