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t are Ratio Studies? <br />a o s a es are statistical analyses that compare <br />assessed or appraised values and market values <br />with sale prices or independent appraisals serving <br />as proxies for market value). <br />$100,000 appraised value <br />$150,000 sale price = 0.667 = 66.7% <br />Is the jurisdiction appraising property at <br />market value? <br />atio Studies Tell Us? <br />here are two key aspects of assessment quality: <br />aLevel - How close assessments (or appraisals) tend to <br />• e to market value (or any other statutorily required <br />oal) on an overall basis. <br />'Uniformity - How much variability exists with respect <br />to individual assessment ratios compared to the typical <br />property in a neighborhood or larger area <br />• Vertical equity - similarity of assessment ratios over <br />different property value ranges (i.e., high and low priced); <br />• Horizontal equity - variability within and among property <br />groups or "strata" <br />