What does the term "Discovery" refer to in property assessment?

The term "Discovery" in property assessment specifically refers to the process of identifying property that needs to be assessed for tax purposes. This involves locating and cataloging properties within a jurisdiction to ensure that all taxable properties are recognized and valued accordingly. The discovery process is essential for maintaining the integrity and accuracy of property tax rolls, as it ensures that no properties are overlooked and that all landowners are contributing their fair share to local tax revenues.

In the context of property assessment, this process typically includes various activities such as field visits, reviewing building permits, analyzing public records, and sometimes utilizing technology such as GIS (Geographic Information Systems) to aid in identifying newly constructed or improved properties. It’s a crucial step that ensures fairness in the assessment process by creating a complete and accurate inventory of taxable properties.

The other options, while related to property assessment in some way, do not accurately define the term "Discovery." The measure of property value pertains to the valuation process, legal requirements for landowners involve compliance with various tax obligations, and accounting methods for property sales relate to financial reporting rather than the identification process inherent in Discovery.