What is the determination of the market value of a property referred to as?

The term that refers to the determination of the market value of a property is appraisal. An appraisal is a professional assessment of a property's value, usually conducted by a certified appraiser who analyzes various factors including the property’s features, the condition of the local real estate market, comparable property sales, and the overall economic climate. This process is essential in real estate transactions, as it provides an objective estimate that can help buyers, sellers, and lenders understand a property's worth.

On the other hand, assessment typically refers to the process of determining the value of property for tax purposes and does not necessarily reflect market value. Assumption refers to taking over another party’s obligations, usually in the context of loans, while assignment involves the transfer of rights or benefits from one party to another, which is unrelated to property valuation. Therefore, appraisal is the precise term for the professional determination of a property's market value.