If you are Property owner or have recently dealt with Property taxes, you would have definitely heard about the word called "Market Value".
In simple terms, Market value is "the most probable price that a given property will bring in an open market transaction."
Market value is the price that a prospective buyer is willing to pay for a given home. Market value is also the price that the seller is willing to accept for a given home.
Real estate agents can help to determine the most accurate market value of a home, which is assessed based on a range of variables, including external and internal home characteristics, supply/demand, and location.
Overall, there is no right or wrong number. Instead, market value ultimately depends on what the buyer/seller are mutually willing to pay and accept.