In property assessment, what does 'median' reflect?

Prepare for the Oregon Property Appraiser Exam. Use flashcards and multiple choice questions with hints and explanations for each question. Get ready for success!

The median in property assessment represents the midpoint value in a list of assessed values. When values are organized from lowest to highest, the median is the number that falls directly in the middle. If there is an odd number of properties, it is the exact middle value, while in cases where there is an even number of values, the median is calculated by averaging the two middle values. This is significant in property assessment because it provides a more accurate measure of central tendency that is less affected by extreme high or low values than the mean would be. Therefore, it is a robust statistic commonly used to assess the overall market conditions and trends in property values.

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