Which statement best describes the assessment of higher priced properties?

The assessment of higher priced properties being described as tending to have a higher absolute market value reflects the nature of real estate markets and property valuation. Higher priced properties naturally command more significant overall values due to various factors, including location, property size, and amenities.

When assessing properties, appraisers look at various elements such as comparable sales, property characteristics, and market trends. Higher priced properties often have more unique features, which can lead to higher appraisal values. Additionally, these properties can represent a smaller segment of the market, leading to more substantial fluctuations in value compared to lower priced, more frequently traded properties.

In this context, the statement captures the essence of how appraisers categorize and evaluate properties based on their market value range. By stating that higher priced properties "tend to have a higher absolute market value," the focus is placed on the importance of value assessment in relation to the overall market rather than simply looking at percentages of assessed value relative to sale prices.