Broad geographic areas subject to the same economic influences are known as what?

Broad geographic areas that experience similar economic influences are termed "market areas." This concept revolves around the idea that certain regions share common economic characteristics that affect property values, demand, and supply in a similar way. Market areas are critical in the assessment process as they help appraisers and assessors understand how broader economic factors, such as employment rates, local industry trends, and demographic changes, can influence real estate values.

Identifying market areas allows for more accurate assessments by accounting for local economic conditions, which might differ significantly from neighboring regions. This enables valuation professionals to make more informed judgments regarding property values based on the economic landscape.

In contrast, the other options such as assessment zones, valuation districts, and revenue regions have their own specific meanings in the context of property assessment and taxation but do not specifically denote areas defined by shared economic influences. Assessment zones are typically defined for administrative purposes, valuation districts relate to areas established for determining property values for tax purposes, and revenue regions may refer to broader governmental or fiscal divisions rather than economic influences directly impacting real estate values.