What is the term for determining the rates used in a model, such as adjusting formulas, tables, or schedules to the current market?

The term that accurately describes the process of determining the rates used in a model, including adjusting formulas, tables, or schedules to reflect current market conditions, is model calibration. This process involves fine-tuning a valuation model to ensure it aligns with observed data and accurately reflects the realities of the market. Model calibration is essential for ensuring that the model produces reliable and valid results, as it accounts for changes in market dynamics, property conditions, and economic trends.

Market analysis focuses more broadly on examining and interpreting market trends and data, which is a precursor to calibration but does not specifically refer to the adjustment of rates within a model. Rate adjustment could imply changing specific rates within a system but lacks the comprehensive context of calibrating a complete model. Value estimation generally involves assessing or determining property values based on various methods and does not specifically pertain to the adjustment of a model’s rates. Therefore, model calibration is the most appropriate term for the process described in the question.