What term describes the variation from the mean value of property assessments?

The correct term that describes the variation from the mean value of property assessments is indeed the deviation of overall average assessment. This term specifically refers to the differences between individual property assessments and the average assessment value within a given area or jurisdiction. It highlights how certain properties might be assessed higher or lower than the average, signaling discrepancies that could be significant for various purposes, such as equity in tax assessments, appraisal accuracy, or market analysis.

Understanding this concept is crucial for appraisers and assessors because deviations can provide insights into market trends, help identify over- or under-valued properties, and inform decisions about property taxes. Recognizing these variations is essential for maintaining fairness and accuracy in property assessments.

Annual notice of current assessment refers to notifications sent to property owners regarding their assessed values, while the income approach to value is a method of appraisal that evaluates properties based on their potential income generation. Economic principles encompass broader concepts that influence real estate markets but do not specifically address the variance from mean values in property assessments.