For a residence there are many kinds of value: sales value, insurance value, value before a storm; value after a storm; partial value when the government buys part of your front yard for a new water line and so on.

Technically market value is “the most probable price a property should bring in a competitive and open market with the buyer and seller each acting with knowledge and prudence. The buyer and seller are typically motivated, there is a reasonable exposure time and financing is typical of the market”.

The value can be of any date: today, yesterday, last year, next year, etc. If an estate is being settled the value date may be many months ago. If a corporate officer is being transferred the appraiser may be required to determine more than one sales price-depending upon the length of time the corporation is willing to give the employee to sell.