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In my experience, there is no hard and fast standard for the size of the area. Sales of comparable homes in the neighborhood affect the assessment, of course; and the more homogenous the neighborhood, the easier for it is for them to find "comparable sales." My mom lives in a senior development in which all the homes, and lot sizes, are pretty close to identical in all meaningful ways. So the valuation of all the homes in that area are pretty seriously affected by sales of _any_ of the homes in that area. In a more mixed neighborhood -- not so much.
When we bought our house -- new, from the builder -- an appraiser came through to make a report for the mortgage company, title company, etc. And he looked at square footage and lot size; but he also looked at layout, amenities, even considered safety features required by new building codes, such as sprinkler heads, even the wooden bannister on the stairscase. There are many factors.
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