Overview
Many homeowners and business people are familiar
with the nature and use of real estate appraisals. In most cases, such
appraisals are done one-at-a time by qualified appraisers. However, in
order to appraise approximately 78,000 parcels of real estate in two
years, counties have to use a different approach. This approach is called
"mass appraisal."
The mass appraisal process involves a number of distinct but
interrelated processes. During this process, the mass appraisal company
will collect information for every property and will analyze real estate
costs and sales. In its annual publication, Uniform Standards of
Professional Appraisal Practice, the Appraisal Standards Board has defined
mass appraisal as follows:
"[Mass appraisal] is the process of valuing a universe of properties as
of a given date utilizing standard methodology, employing common data and
allowing for statistical testing."*
To learn more about the methodology used for the Fayette County
Property Revaluation Project, click on the steps shown at the left
starting with Step 1: Data Collection and concluding with Step 5: Change
of Assessment Notice.