What type of value does an appraiser typically determine for a property?

An appraiser typically determines market value for a property, which is the most commonly recognized purpose of an appraisal. Market value is defined as the most probable price a property would bring in a competitive and open market under conditions that represent typical buyer-seller scenarios. This concept helps ensure that the appraiser's valuation is reflective of what buyers are willing to pay and what sellers are willing to accept in a free market environment.

Market value takes into account various factors such as location, condition of the property, comparable sales in the area, and current market trends, making it a fundamental concept in real estate transactions, financing, and taxation. This value serves multiple purposes, including guiding purchase decisions, setting sale prices, and determining lending risks.

Other types of value, such as future value, investment value, and assessed value, serve different contexts. Future value relates to the expected worth of a property at a future date, while investment value reflects the specific value of a property to a particular investor based on their unique circumstances. Assessed value, often used for tax purposes, indicates the value assigned to a property by a governmental authority for taxation purposes and may not necessarily reflect the property's true market value. Therefore, the focus on market value aligns with the primary role of app