What is defined as the true value of a parcel of real property?

The true value of a parcel of real property is considered to be the market value as determined by the assessor's judgment. This market value reflects what the property would sell for in an open and competitive market under normal conditions. Assessors use various methods and data to evaluate and estimate the market value, considering factors such as the property’s condition, location, comparable sales, and current market trends.

While the other choices also relate to property value, they do not encapsulate the broad, market-driven sense of "true value." The assessed value for taxation is often a percentage of the true value and can vary based on local assessment practices. The property's purchase price can fluctuate significantly and may not represent the current market value due to various external conditions. An appraised value by a certified appraiser is usually an opinion of value based on specific criteria but may not always align with the broader market conditions the assessor considers. Therefore, market value as per the assessor's judgment is the most accurate representation of the true value of a property.