Market Value

Market value is the price a property would fetch in an open, competitive market, with a knowledgeable buyer and seller both acting in their own interest and neither under pressure. It is what a willing buyer would pay and a willing seller would accept under normal conditions.

Market value is not the same as assessed value, used for tax, or book value, used in accounting. It comes out of a formal appraisal and feeds decisions on financing, acquisitions, portfolio valuation, and insurance coverage.