What are the methods and processes used for determining property value for taxation purposes?

Valuation procedures encompass the systematic methods and techniques employed to estimate the value of properties for taxation. This process is critical for ensuring that properties are assessed fairly and equitably within a jurisdiction. Among the methods included in valuation procedures are approaches such as the Cost Approach, Sales Comparison Approach, and Income Approach, which provide a comprehensive framework for determining a property's market value.

In the context of property tax assessment, valuation procedures not only help establish the fair market value but also ensure compliance with legal standards and regulations. These procedures are essential for tax equity, ensuring that similar properties are valued consistently.

While classification deals with categorizing properties, field review frequency pertains to how often properties are assessed, and the average level of assessment reflects overall assessment practices, none of these options embody the comprehensive set of methods used specifically for determining the actual value for taxation, making valuation procedures the most fitting answer.