What term describes the fair market value of a property?

The fair market value of a property is best described as the appraised value. This term refers to an estimate of a property's value determined by a professional appraiser based on comparable sales, property conditions, and applicable market trends. The appraised value is used in various contexts, such as determining selling prices, securing financing, or assessing property taxes.

In contrast, market price refers to the actual price that a property sells for in the market, which may differ from the appraised value due to various factors such as demand and negotiation outcomes. Assessed value typically relates to the value assigned by a tax assessor for taxation purposes, which may not reflect the fair market value. Intrinsic value denotes the inherent worth of a property based on both tangible and intangible factors, which may not align directly with market conditions. Understanding the distinction among these terms is crucial for accurately discussing property values in real estate contexts.