Property Valuation
In Oregon, the county assessor's 'real market value' (RMV) is meant to represent:
AThe price the county would pay to acquire the property for public use
BThe amount the property would sell for in an arm's length transaction on the open market✓ Correct
CThe replacement cost of the improvements plus land value
DThe average of the property's value over the past 5 years
Explanation
Oregon's real market value (RMV) is the county assessor's estimate of what the property would sell for in an arm's length transaction between a willing buyer and a willing seller on the open market. It is the assessor's best estimate of fair market value as of January 1 of each year.
Related Oregon Property Valuation Questions
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