What is Market Value?

As referred to under the Assessor responsibilities question, the Assessor is responsible for valuing a property at its market value. Market value can be defined as the highest price in terms of money that a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming that neither is under undue duress.

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1. How does the Assessor determine market value?
2. How is property tax assessed?
3. What does the Assessor do?
4. What do you do with property tax revenue?
5. What is Market Value?
6. Who are these Appraisers, and what are their credentials?