Ace the Connecticut Municipal Assessor Exam 2026 – Elevate Your Expertise!

The term that defines the most probable price a property would sell for in an open market is "Market Value." This concept refers to the price that a willing buyer would pay a willing seller in a transaction conducted at arm's length, where both parties have reasonable knowledge of the relevant facts. Market value takes into consideration various factors, such as location, property condition, and prevailing market conditions, which can influence the price at which properties are traded.

Understanding market value is crucial in property assessment as it serves as the foundation for setting tax assessments and determining the overall value of real estate in a given area. This conclusion is based on the principle that properties will sell for their highest value in a competitive market, reflecting what buyers are prepared to pay under normal circumstances.

In contrast, terms like assessed value pertain to the value assigned by a municipality for property tax purposes, which may not align with market conditions. Fair market price may sound similar but is not specifically defined in the same precise manner within appraisal standards. Estimated worth is a more subjective term and lacks the rigorous definition tied to actual market transactions.