How is the Mean Deviation calculated in property assessment?

The calculation of Mean Deviation in property assessment is indeed defined as the average of the deviation from the average ratio. This approach involves determining the deviations between individual property values and the average value, then averaging those deviations to provide a measure of dispersion or variability in the data set.

This method allows appraisers to understand how much property values deviate from the mean, which is essential when assessing the accuracy and reliability of property valuations. By identifying the degree of variability, appraisers can make more informed adjustments and interpretations about market conditions and property assessments.

This understanding helps stakeholders gauge the consistency of assessments in relation to the average value, ultimately impacting decisions in property transactions or evaluations.