What is the term for the practice of adjusting sales prices of comparable properties?

The term for the practice of adjusting sales prices of comparable properties is "Market Adjustment." This process is essential in appraisal and assessment practices, where appraisers or assessors make adjustments based on differences between the subject property and the comparable properties. These adjustments may account for various factors such as location, condition, size, and specific features of the properties being compared.

Understanding market adjustments is crucial for accurately determining property values that reflect the prevailing market conditions. This method ensures that the assessed value is not only a numerical figure but is also representative of the actual market performance and trends. By recognizing and applying market adjustments, assessors can more effectively compare properties and arrive at fair and equitable valuations, ultimately contributing to accurate tax assessments and informed real estate transactions.