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Simple English definitions for legal terms
mass-appraisal method
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A quick definition of mass-appraisal method:
Mass-Appraisal Method: A way to figure out how much a big piece of land is worth by looking at how much similar land has sold for. Instead of looking at each piece of land one by one, this method looks at a lot of land all at once.
A more thorough explanation:
The mass-appraisal method is a technique used to determine the value of large areas of land without analyzing each parcel individually. This method involves studying market data to determine the price that similar properties would sell for.
For example, a city may use the mass-appraisal method to determine the value of all the properties in a particular neighborhood. Instead of evaluating each property individually, the city would analyze market data to determine the average value of similar properties in the area.
The mass-appraisal method is commonly used for property tax assessments, as it allows for a more efficient and cost-effective way to determine property values.