The widely accepted and used market value comes from
The dictionary of real estate appraisal defines market value as follows:
The most probable price, as of the specified date, in cash or in terms of equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in competitive market under all conditions requisite to fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress).
Definition of “Market Value” means:
– The monetary value that is estimated to be the value of an asset for which a transaction can be made.
– Between a willing seller and a willing buyer on the valuation date under arm’s length conditions.
– Neither the buyer nor the seller is related, the asset has been offered for sale for a reasonable period of time and both parties have entered into the transaction knowingly and without undue pressure.
– It is assumed that full legal title to the asset is transferable.
– Market value generally does not take into account the cost or expenses of the purchase or any fees or taxes.