Market value is best defined as:

Market value is best defined as the most probable price at which a property will sell in an open and competitive market, where both buyers and sellers have reasonable knowledge of the relevant facts and are not under any pressure to complete the sale. This definition underscores the economic principle of willing buyers and sellers determining the price through their interactions.

Understanding market value is crucial for various stakeholders, including buyers, sellers, and assessors, as it reflects the current state of the real estate market, factoring in local conditions, property characteristics, and market trends. In contrast to the other definitions presented, it does not restrict the valuation to personal property, nor does it relate to assessed values used for taxation or arbitrary government-set prices. These misconceptions can lead to an incorrect appraisal of a property's worth. Therefore, recognizing market value as the most probable selling price in a competitive environment is essential for accurate property assessment and appraisal.