Property Valuation
In Missouri, an appraiser's determination of 'market value' assumes:
AA distressed sale under time pressure
BA willing buyer and willing seller, neither under compulsion, with reasonable market exposure and arm's-length terms✓ Correct
CThe value the owner believes their property is worth
DThe assessed value multiplied by a factor
Explanation
Market value is the most probable price a property would sell for in a competitive market under arm's-length conditions — both buyer and seller are rational, knowledgeable, acting in their own interests, and not under duress.
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