"Market value" means the value of a property that:

1. (a) Is the most probable price, not the highest, lowest, or average price;
2. (b) Is expressed in terms of money;
3. (c) Implies a reasonable time for exposure to the market;
4. (d) Implies that both buyer and seller are informed of the uses to which the property might be put;
5. (e) Assumes an arm’s length transaction in the open market;
6. (f) Assumes a willing buyer and a willing seller, with no advantage being taken by either buyer or seller; and
7. (g) Recognizes both the present use and the potential use of the property. The term includes “full and true value.”

Source. (See Revision Note #1 at chapter heading for Rev 600) #10581, eff 5-1-14; ss by #13916, eff 3-28-24 (formerly Rev 601.32) (see Revision Note #2 at chapter heading for Rev 600)