What is defined as the mean value of property assessments?

The mean value of property assessments is referred to as the Average Level of Assessment. This term represents the average ratio of assessed value to market value across multiple properties within a certain category, providing a benchmark for evaluating whether assessments are consistent with market conditions.

Utilizing this average helps in understanding the conformity of assessments, ensuring that property taxes are distributed fairly based on property values. It serves as a critical metric for appraisers and assessors to ensure that the property assessment process is equitable and accurate, which is essential for maintaining public trust in the property tax system.

The other options refer to different aspects of property assessment and valuation but do not specifically describe the mean value of property assessments. Uniformity Within a Class of Property focuses on consistency within similar properties, while Standard for Uniformity deals with the norms or criteria applied for fairness in valuations. Classification involves grouping properties based on characteristics rather than averaging their assessed values.