What does equity refer to in property assessment terms?

Equity in property assessment is fundamentally about ensuring fairness and uniformity in how properties are assessed for taxation purposes. Specifically, it refers to the degree to which assessments are consistent and proportional relative to the Real Market Value (RMV) of properties. When assessments exhibit high equity, it means that similar properties are being appraised at similar values, which is crucial for maintaining a balanced tax burden among property owners.

In this context, achieving equity involves comparing each property's assessed value to its RMV. If two similar properties have significantly different assessed values, this indicates an equity problem, leading to an unequal distribution of tax burdens.

Understanding equity in this manner highlights its importance in the overall assessment process. It ensures not only that properties are valued fairly but also fosters trust in the assessment process among property owners and the community.