What criterion is used to determine the adequacy of property valuations?

The criterion used to determine the adequacy of property valuations is the Standard for Level of Assessment. This standard provides a framework for evaluating how property values are assessed in relation to their market value. It helps to ensure that property assessments are equitable, consistent, and reflective of true market conditions.

Using this standard, appraisers can analyze whether a given property valuation aligns with similar properties within the market, thereby ensuring fairness in the assessment process. This ultimately supports accurate tax assessment and property valuation practices, which are critical for both property owners and municipal financing.

In context, while magnitude of deficiency focuses on specific gaps in valuation, assessment bias refers to systematic errors that can skew results. Valuation procedures pertain to the methods used to reach a property valuation but do not directly address the overall adequacy of the valuations when assessed against set standards. The Standard for Level of Assessment is crucial for benchmarking and maintaining integrity in property valuation.