What does the median ratio measure in property assessment?

The median ratio is a key metric used in property assessment to evaluate the level of assessment in a jurisdiction. It specifically measures the relationship between assessed values and market values of properties. When calculating the median ratio, appraisers compare the assessed values of properties to their corresponding sales prices or market values. This ratio helps assess whether properties are being valued fairly and consistently according to the market.

A median ratio near or equal to 1.0 indicates that properties are being assessed at their market values, while ratios above or below 1.0 may suggest over- or under-assessment, respectively. By analyzing the median ratio, assessors can identify discrepancies in property valuations and make necessary adjustments to ensure fair and equitable assessment practices.

The other options relate to different aspects of property assessment but do not accurately define what the median ratio measures. The accuracy of a single property appraisal focuses on an individual property rather than the overall assessment level, while total revenue generated pertains to the financial outcomes of property taxes rather than assessment levels. The distribution of property types addresses categorization rather than valuation assessments, making it unrelated to the concept of the median ratio.