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Thus, comparison of one parcel to another is vital to almost <br /> all land appraisals; whenever possible, lump sum . or <br /> district site comparison can be used. However, since <br /> parcels vary in size and shape, it is frequently necessary <br /> to reduce them to units of comparison. The most common of <br /> these units are front foot, square foot, lot, and acre. As <br /> with all other market analysis, the appropriate unit or <br /> units to be used should be determined by the market, and <br /> these units may vary from market to market. <br /> Since the purpose of a mass revaluation is to achieve equity <br /> and uniformity of assessments as well as an established <br /> level of value, the mass appraiser cannot be satisfied with <br /> simple comparison of a subject parcel to others of known <br /> market value. The mass appraiser must compare each parcel <br /> to be appraised with all others previously appraised within <br /> the area. <br /> Numerous tools have been developed to assist the appraiser <br /> in this mass comparison process. Ardong these tools are size <br /> and shape adjustment tables and formulas, with which units <br /> of comparison can be applied to large numbers of parcels of <br /> dissimilar size and shape in a uniform manner. It should be <br /> cautioned here, however, that no table or formula has been <br /> or ever will be developed which is totally sensitive to all <br /> market considerations. Tables and formulas serve only to <br /> assist the appraiser, not to replace him. <br /> The first phase of land pricing is carried out in the <br /> office. The appraiser should obtain from reliable sources a <br /> record of recent and current sales of vacant lots. The <br /> actual price and date of the transaction should be noted <br /> upon the map at the location of the lot, together with the <br /> frontage and depth to the lot. He should then reduce this <br /> value to the appropriate unit of comparison. If, for <br /> example, the unit chosen is front foot, the unit of <br /> comparison value is established by dividing the total price <br /> by the frontage of the lot and again dividing the actual <br /> price per front foot by the specific depth factor for a lot <br /> of this depth. <br /> The unit of comparison price resulting from these <br /> mathematical operations should then be noted. This price <br /> for a standard unit will represent a reliable finding upon <br /> which the valuation of sites of comparable advantages <br /> may be based. The appraiser should continue this operation <br />