Property Valuation
Which of the following BEST describes 'market value' in Ohio real estate appraisal?
AThe price the owner paid for the property
BThe most probable price a property will bring in a competitive and open market under fair sale conditions✓ Correct
CThe county auditor's assessed value
DThe replacement cost of the building
Explanation
Market value is the most probable price a property would sell for in a competitive market, with both buyer and seller acting knowledgeably and without undue pressure.
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