What is the determination of the market value of a property known as?

The determination of the market value of a property is known as an appraisal. An appraisal is a professional assessment conducted by a licensed appraiser who evaluates various factors, including the property’s condition, location, comparable properties, and current market conditions, to arrive at an estimated market value. This process is crucial for a variety of transactions such as buying, selling, financing, and taxation purposes.

While terms like "assessment," "valuation," and "evaluation" are related concepts, they do not specifically refer to the comprehensive market value determination conducted by a licensed appraiser. Assessments typically refer to property tax evaluations conducted by local government entities to determine property tax obligations, while valuation can be a more general term that may encompass various forms of assessing value but is not strictly defined as the process of determining market value through an appraisal. Evaluation, on the other hand, is typically associated with a broader review or analysis and does not specifically focus on establishing market value in the context of real estate.