What is the Georgia Department of Revenue's standard range for the price related differential (PRD)?

The standard range for the price related differential (PRD) set by the Georgia Department of Revenue is indeed .95 to 1.10. The PRD is a measure used by assessors to evaluate the relationship between the prices paid for properties and their appraised values. A PRD within this range indicates a fair assessment practice, reflecting that the assessment ratios are relatively uniform across different types of properties, ensuring that taxpayers are treated equitably.

This range is important because it helps to maintain consistent values for similar properties, which is an essential aspect of fair taxation. A PRD below .95 might suggest that lower-valued properties are being assessed too high compared to higher-valued properties, while a PRD above 1.10 could indicate an inverse problem, suggesting that lower-valued properties are significantly under-assessed. The defined standard ensures that assessors are adhering to principles of fairness and equity in property assessment processes.