Market value assessment is a property assessment system where properties are valued at their estimated market value, meaning the price they would likely sell for in current market conditions. Most Canadian provinces use some form of market value assessment for property taxation. Assessors analyze comparable sales, property characteristics, and market trends to estimate values. Market value assessment is considered fair because similar properties pay similar taxes, and values adjust as real estate markets change. Challenges include keeping assessments current as markets move quickly and explaining to property owners why assessments may differ from their expectations based on recent sales in their area.