How is "market value" best defined?

Market value is best defined as the most probable price a property would sell for on the open market. This definition takes into account various factors, including the property's condition, location, recent sales of comparable properties, and current market conditions. Market value reflects what a typical buyer would be willing to pay and what a seller would accept in an open and competitive environment, making it a realistic assessment of a property's worth.

The emphasis on the term "most probable" indicates that market value is not just determined by individual desires of buyers or sellers but instead represents a consensus of value in the actual marketplace. It suggests a scenario where the property is exposed to the market long enough to attract potential buyers and results in a fair negotiation without undue pressure.

In contrast, the other definitions presented do not fully capture the essence of market value. The price a seller wishes to receive can be influenced by emotion or personal circumstances rather than market dynamics. The estimated value based on appraised worth may not reflect current market conditions and can vary depending on the appraiser's methodology. Lastly, the highest price a buyer is willing to pay does not necessarily represent market consensus since it may be skewed by individual buyer motivations, bidding wars, or unique circumstances surrounding a specific buyer. Thus, option B