What is considered the first step in determining a property’s assessed value?

The first step in determining a property’s assessed value is the physical inspection of the property. This step is crucial because it provides the appraiser with direct, observable data regarding the property's condition, size, features, and any improvements or damages that may affect its overall value. A physical inspection allows the appraiser to accurately assess the property's characteristics and helps ensure that the valuation is based on current and tangible evidence rather than assumptions or outdated information.

The other options play roles in the assessment process but occur later or depend on the initial findings from the physical inspection. Reviewing previous tax assessments can provide historical context but is not the starting point for establishing current value. The application of income approaches and summation of sales history requires data that is typically gathered after an initial physical assessment has taken place. Consequently, those methods are secondary steps that rely on the insights gained from directly evaluating the property itself.