What is market value?

A simple definition of market value is the most probable price a property would sell for in today's market. The sale must be an arms-length transaction between a willing buyer and a willing seller.

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1. What is market value?
2. How does the Assessor determine market value?
3. How close to actual value does the Assessor need to be?
4. How come values go up each year when no improvements are made to the property?
5. What kinds of improvements add to market value?
6. Will making repairs increase the estimated market value?
7. What can I do if the estimated market value or property classification is wrong?
8. What are the requirements for homestead?
9. Does an increase in estimated market value always mean an increase in property tax?