What aspect of property assessment does the median ratio primarily focus on?

The median ratio primarily focuses on the overall assessment level of properties within a given jurisdiction. This assessment technique evaluates the relationship between the appraised values of properties and their corresponding market values. By analyzing the median of these ratios across a sample of properties, appraisers can determine how closely assessed values align with market values.

This is significant because the median ratio provides a summary measure that mitigates the influence of outliers, making it a reliable indicator of the general state of property assessments in a locality. It helps assessors and policymakers understand whether properties are being valued consistently and accurately on average, which can influence decisions regarding property tax rates and equity in the assessment process.

Other aspects, such as the accuracy of individual appraisals, tax revenue generation, and equity in taxation, may relate to property assessments but do not encapsulate the primary focus of the median ratio as effectively as the overall assessment level does.