What is defined as the mean value of all property assessments in Georgia?

The correct answer, which refers to the mean value of all property assessments in Georgia, is the overall average assessment. This term signifies the statistical average determined from the assessment values of all properties within a specific jurisdiction. It reflects how property values are viewed on a broad scale, accounting for variations that exist among individual properties while giving a general sense of property market conditions within the area.

In the context of property assessments, understanding the overall average assessment is crucial because it provides insight into taxation and property value trends. This figure aids local governments in determining budgetary needs and assessing equitable taxation across diverse property types and values.

The other options relate to different concepts. The annual notice of current assessment typically informs property owners about their individual property assessments rather than providing a collective average. Mass appraisal refers to the process of valuing multiple properties simultaneously using standardized methods, which may contribute to determining the overall average assessment but does not represent it by itself. The cost approach to value is a specific appraisal method focusing on the cost to replace or reproduce a property, again not directly defining the mean of overall property assessments.