What is the term for the measure of how much a property is worth in the market?

Market Value refers to the estimated amount for which a property should exchange on the date of assessment between a willing buyer and a willing seller, both of whom are acting knowledgeably and prudently. This concept is widely used in real estate transactions as it reflects the current state of the market and incorporates various factors such as location, condition of the property, and recent sales of comparable properties.

In this context, Market Value captures the essence of what the property is worth in the eyes of potential buyers, indicating not just the price it can sell for, but also the demand for that property within the existing market environment. This understanding is crucial for both buyers and sellers as it helps guide negotiations and decision-making in real estate dealings.