What is the definition of market value?

Market value is the most probable price in terms of money which a property would sell for in a competitive and open market under all conditions requisite to a fair sale.

Conditions of a fair sale:

  • Buyer and seller are typically motivated
  • Both parties are well informed and are acting in their best interest(s)
  • Reasonable time is allowed for exposure in the open market
  • Payment is made in cash or its equivalent
  • The price is unaffected by financing amounts or sales concessions

Show All Answers

1. What is a revaluation?
2. Why is revaluation needed?
3. Who is responsible for the revaluation?
4. What happens during revaluation?
5. What is the definition of market value?
6. How will the homeowner be notified of the new assessment?
7. If homeowners disagree with the assessment, what are their options?
8. What is an informal hearing?
9. If after an informal hearing, the homeowner still disagrees with the assessment, what is the next step?
10. How does a homeowner apply for an appeal with the board of assessment appeals?
11. What should homeowners bring to the Board of Assessment Appeals?
12. How can a homeowner compare how other properties have been valued?
13. What other resources are available in the Assessment Office?
14. What is the next step after a Board of Assessment Appeal if a homeowner still disagrees with the property value?