Ace the Oregon Property Appraiser Exam 2026 – Elevate Your Appraisal Game!

Market value reflects the price at which a property would sell in a competitive and open market, where buyers and sellers have access to adequate information and are not under any undue pressure. This definition emphasizes the actual economic value of the property based on current market conditions, including supply and demand dynamics, the condition of the property, local economic factors, and buyer interest.

In a competitive environment, market value is determined by what buyers are willing to pay and sellers are willing to accept, ensuring that both parties are acting rationally and voluntarily. This concept is distinct from assessed value, which is typically set by local tax authorities for property taxation purposes and may not accurately represent current market conditions. Similarly, the original purchase price may not reflect current market trends, and averaging the costs of similar properties can give a general sense of value but does not capture an individual property's unique factors that may influence its market value.