What is the primary valuation method used to determine the market value of real property?

The primary valuation method used to determine the market value of real property is mass appraisal standards. This method is a systematic process that estimates the value of a large number of properties simultaneously, often used for property tax purposes. It involves analyzing data from comparable properties and applying statistical techniques to ensure that all properties are valued consistently and fairly.

Mass appraisal takes into account various factors, including property types, locations, and market trends, to establish a base value that reflects the current market conditions. This method is essential for maintaining equity among taxpayers in a jurisdiction, ensuring that similar properties are assessed at similar values.

Other methods, such as historical price tracking, localized valuation studies, and market control evaluations, may serve specific purposes or be used in conjunction with mass appraisal but are not the primary standard used for broad market value determination. Historical price tracking typically focuses on individual property sales over time, while localized valuation studies and market control evaluations often investigate narrower market segments or specific property characteristics rather than apply a comprehensive approach across a wider range of properties.