The term "Progressivity" in appraisal refers to what concept?

Progressivity in appraisal is a concept that pertains to the tendency for higher-value properties to be overvalued in comparison to lower-value properties. This often occurs due to a range of factors, including market dynamics, perception, and the way property values are assessed. When appraisers assess properties, they might unconsciously apply higher standards or adjust value metrics more favorably for more expensive properties, leading to the overvaluation phenomenon.

Understanding this concept is essential for appraisers, as it helps them recognize potential biases and ensure fair and accurate appraisals across the property spectrum. In contrast, the other options do not accurately capture the essence of progressivity. For instance, overvaluation of lower-value properties, consistent value across all properties, and equal treatment do not align with the definition of progressivity as it relates specifically to the valuation of higher-value properties. Understanding progressivity helps appraisers maintain objectivity and uphold the integrity of their assessments.