Property Valuation
In Indiana, 'market value' as used in appraisal is best defined as:
AThe price a seller is asking for a property
BThe price a willing buyer would pay a willing seller with both having full knowledge and no undue pressure✓ Correct
CThe assessed value established by the county assessor
DThe replacement cost of improvements minus depreciation
Explanation
Market value is the most probable price a property would sell for in an arm's length transaction, where both buyer and seller are knowledgeable, acting in their own interests, and not under undue compulsion to buy or sell.
Related Indiana Property Valuation Questions
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