What is the main focus of the property assessment process?

The main focus of the property assessment process is determining the fair market value of properties. This involves evaluating various factors that influence a property's worth, such as location, condition, recent sales of comparable properties, and any improvements made to the property. Accurate assessments are crucial, as they ensure that property taxes are based on an equitable value, which in turn affects the funding for public services and infrastructure. This fair market value serves as the basis for levying property taxes, which is essential for local governments.

In contrast, maximizing profit from property sales or establishing the correct tax rate for properties are secondary outcomes influenced by the assessment process, rather than the main focus itself. Likewise, while property zoning regulations are related to how land can be used, they do not pertain directly to the assessment process, which is strictly concerned with valuing properties for taxation purposes.