Which factors are considered when determining the assessed value of a residential property?

When determining the assessed value of a residential property, condition, size, and comparable sales are crucial factors. The condition of the property reflects its current state and maintenance level, which can significantly impact its market value. Size pertains to the square footage of the home and the size of the lot, which directly influences usability and desirability. Comparable sales involve analyzing recent sales of similar properties in the area to establish a baseline for valuation; this provides a competitive market perspective that can effectively indicate what buyers are willing to pay.

Understanding these elements is essential because the assessed value needs to reflect the property's market value accurately, ensuring fair taxation while considering local real estate trends. Other options touch on relevant aspects of property evaluation but may not encapsulate the core components used explicitly in the assessment process, making the correct choice particularly focused and pertinent.