Market value is the estimated price a property would sell for in an open market transaction between a willing buyer and seller, both having reasonable knowledge of relevant facts. Property assessors estimate market value for taxation purposes by analyzing recent sales of comparable properties, property characteristics, and market conditions. Market value assessment means property taxes reflect current real estate values rather than historical purchase prices or arbitrary valuations. Property values change over time due to market trends, neighbourhood changes, and property improvements. Understanding how market value assessment works helps property owners evaluate whether their assessments accurately reflect what their property would actually sell for.