Array
Definition and meaning of Array in real estate.
An array is a structured list or database of recently sold properties compiled by tax assessors to analyze real estate market values within a specific district. Assessors use this list to identify price trends and establish baseline values for local property tax assessments.
In more detail
The array organizes property sales by category, size, location, and sales date over a specific period of time. By comparing these properties, tax assessors can calculate the average sale prices and apply adjustments to similar unsold properties in the same neighborhood. This process ensures that property valuations remain fair and consistent across the taxing jurisdiction. Real estate investors and property owners can sometimes request these lists to appeal their property tax assessments.
Key facts
| Category | Legal, Titles & Closing |
|---|---|
| Primary User | Government tax assessors and appraisers |
| Key Data Points | Sale price, date of sale, location, and property type |
| Main Purpose | Valuing properties for local tax assessment purposes |
A local tax assessor reviews a printed array of single-family home sales from the past year to determine if property values in a specific subdivision have risen enough to adjust tax rates.
Frequently asked questions
Can a homeowner access a tax assessor's array?
In many jurisdictions, assessment records and sales lists are public records, allowing homeowners to review the data to see if their assessed value matches actual market sales.
How does an array differ from a comparative market analysis?
A comparative market analysis is created by a real estate agent to help a client buy or sell a specific home, while an assessor's array is a broader data list used solely for taxing all properties in a district.
Why is an array organized by property category?
Assessors separate properties into categories like residential, commercial, or agricultural so they only compare similar properties when determining tax values.