Property Valuation
What is 'market value' as defined for Massachusetts appraisal purposes?
AThe most recent sale price of the property
BThe price a property would command in a competitive open market under arm's-length conditions✓ Correct
CThe assessed value as set by the town
DThe insurance replacement value
Explanation
Market value is the most probable price a property should bring in a competitive, open market under all conditions requisite to a fair sale, with buyer and seller acting prudently and knowledgeably.
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