Ratio studies compare appraisal values to fair market value. Fair Market Value (FMV) is the probable price at which a willing buyer will purchase from a willing seller in an arm's length transaction. FMVs are generally represented by sales price, although not all sales are FMVs. Sales that do not meet the criteria of being FMV are excluded from the ratio studies.
Ratio studies measure the level and uniformity of a mass appraisal. The level refers to the overall ratio at which properties are appraised. (Note: In a mass appraisal, the appraised values do not always equal the indicators of market value, i.e., sales prices or independent appraisals.) Uniformity refers to the equitable treatment of individual properties within groups and/or categories. In Fauquier County, the county has been generally stratified into regional valuation sections, and sales ratios are performed on each section.
At the completion of the 2018 Reassessment, the County's overall ratio of appraised value to FMV, using 2017 sales, is at 94.7%. The uniformity of values, as measured by the Coeffient of Dispersion (COD), shows that there is low dispersion between the sales and appraisal values. The COD for the County is 7.95%.
Sales Ratios by Valution Section:
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