What type of data is essential for developing accurate valuations for assessment?

Property characteristics data is essential for developing accurate valuations for assessment because it provides detailed information about the attributes of a specific property. This includes factors such as the size, age, condition, and type of construction, as well as the number of bedrooms and bathrooms. Each of these characteristics influences a property's market value, making it critical for appraisers and assessors to gather this data.

Accurate property characteristics data allows assessors to compare similar properties (comparables) in terms of their features and conditions, which is vital in determining a fair market value. By understanding the specifics of a property, assessors can apply appropriate valuation methods, ensuring that assessments align closely with the actual market conditions.

While other types of data, such as market trend data, transaction data, and demographic data, can inform the assessment process and provide context for valuation, it is the property characteristics data that forms the core foundation for accurately assessing individual properties.