What is the Change Property Ratio (CPR) used for in property assessment?

The Change Property Ratio (CPR) is specifically utilized in property assessment to benchmark and analyze the variations in property classification values within a particular area, such as a county. This measure helps assessors evaluate the accuracy and performance of real property assessments, especially when considering the proportional relationship between assessed values and market values. By focusing on property classification values, the CPR allows assessors to ensure equitable assessments across different types of properties and to identify any disparities that might require adjustment.

Other options don't align well with the primary purpose of the CPR. For instance, while property tax collection efficiency is an important aspect of property taxation, it is not directly measured by the CPR. Similarly, evaluating changes in market conditions is generally managed through broader market analysis, rather than the specific metric of the CPR. As for determining property insurance rates, that typically relies on different factors, including risk assessment and property characteristics, rather than the measurement of classification values that CPR focuses on.