What does horizontal equity refer to in property assessment?

Horizontal equity in property assessment focuses on the principle that similar properties should be assessed similarly, regardless of various factors like neighborhood, size, or age. This concept ensures that properties with similar characteristics and market values are treated equally in the assessment process.

In other words, horizontal equity aims to create a fair assessment environment where two comparable properties would have similar assessment values, promoting fairness in the taxation system. When horizontal equity is achieved, property owners can feel confident that they are being assessed on a fair basis compared to their neighbors or similar properties.

The other options do not fully capture the essence of horizontal equity as they either refer to other aspects of property assessment or focus on different principles, such as equity among various property types or uniformity in assessment ratios, which are more aligned with different concepts in the assessment process.