What is the most widely used measure of appraisal level in ratio studies?

The most widely used measure of appraisal level in ratio studies is the median. The median is particularly favored because it effectively represents the central tendency of a dataset, especially when dealing with skewed distributions. In appraisal and assessment contexts, where property values may not be evenly distributed, the median helps to provide a more accurate reflection of the typical appraisal level without being distorted by extreme values or outliers.

For example, if a few properties are appraised significantly higher or lower than the majority, the mean could be heavily influenced by those extremes, leading to a misleading representation of the overall appraisal level. In contrast, the median will remain stable, as it looks at the middle point of the data set, thus offering a clearer picture of the prevailing market conditions and equity among property assessments. Consequently, using the median helps ensure that the results of ratio studies are more reliable for analysis and comparison purposes in the field of property assessment.