Property Valuation
Which of the following BEST defines 'market value'?
AThe price the seller originally paid for the property
BThe assessed value as determined by the county assessor
CThe most probable price a property would bring in a competitive and open market✓ Correct
DThe replacement cost of the improvements
Explanation
Market value is the most probable price a property would bring in a competitive and open market between a willing, informed buyer and a willing, informed seller, with neither being under duress and both acting prudently.
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