Property Valuation
In Kansas, what is 'market value' as defined for appraisal purposes?
AThe price the seller hopes to receive
BThe most probable price a property would bring in a competitive market with knowledgeable, willing buyers and sellers acting prudently✓ Correct
CThe assessed value for tax purposes
DThe insurance replacement cost
Explanation
Market value is the price a property would sell for between a willing, informed buyer and seller in an arm's-length transaction, with neither under duress — the standard used in Kansas appraisals.
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