Property Valuation
In Illinois, when an appraiser refers to 'market value,' they mean:
AThe price at which the property would sell at a forced liquidation
BThe most probable price a property should bring in a competitive market under normal conditions with a willing buyer and seller✓ Correct
CThe assessed value set by the county assessor
DThe insured replacement cost of the property
Explanation
Market value is defined as the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently and knowledgeably, and the price not being affected by undue stimulus. This definition assumes a reasonable market exposure time, cash or equivalent financing, and no special considerations. This is the standard definition used by appraisers in Illinois and nationally.
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