Which term refers to the individual discrepancies from the median in assessment ratio calculations?

In assessment ratio calculations, the term that refers specifically to the individual discrepancies from the median is the average deviation. Average deviation measures how much, on average, the individual assessments differ from the median value. It takes into account all the discrepancies and provides a summarized value that reflects the variability of the assessments around the median.

By focusing on the median, this calculation is less influenced by extreme values and gives a more stable view of assessment discrepancies in the context of property valuations. Understanding average deviation is crucial for assessing equity in property tax assessments, as it helps identify how closely properties are assessed in relation to their true market value.

Other terms like standard deviation and variance deal with the spread of data points but calculate it differently, typically incorporating squared discrepancies or averaging those deviations. Median ratio directly refers to the calculations that utilize the median for assessment ratios rather than the discrepancies themselves.