What Is Market Value?

Definition
The price a property would sell for in a voluntary, arm's-length transaction between a willing buyer and a willing seller, neither being under any compulsion to act. It is determined by analyzing recent comparable sales in the area.

Why This Matters for Your Protest

Market value is the legal standard your appraisal district is supposed to use when setting your appraised value. If you can show, using recent comparable sales, that your home's true market value is lower than the district's estimate, you have a strong basis for a protest. Gathering 3-5 solid comps is the most effective protest strategy.

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