Which term describes property that is similar enough in features and location to inform the value of a subject property?

The term that describes property that is similar enough in features and location to inform the value of a subject property is "comparable property." This term is commonly used in the real estate industry to identify properties that are similar in characteristics such as size, condition, and location, which can be used as a benchmark for valuing another property.

When appraising a property or determining its market value, real estate professionals look for comparable properties that have recently sold in the same area to establish a fair price. The use of comparables is essential in creating a reliable and accurate assessment of a property's worth, as it allows for a comparison of features and sale prices that reflects current market conditions.

In contrast, market value refers to the estimated amount for which a property would exchange on the open market, and assessment value is typically used for tax purposes, indicating a value assigned by a governmental authority. Property appraisal involves a detailed analysis conducted by an appraiser to determine value but largely relies on the concept of comparable properties to reach that conclusion.