Which type of value considers the amount that a buyer is willing to pay for a property?

Market value is defined as the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, which includes the willingness of both the buyer and the seller to transact. This value reflects the dollar amount that a buyer is willing to pay for a property at a specific time, given the conditions of the market. It takes into account the motivations and expectations of both parties, as well as the property's characteristics and the overall market environment.

In contrast, appraised value is determined by a licensed appraiser and may not necessarily reflect what a buyer is willing to pay, as it often hinges on objective criteria and analytical assessment. Assessed value is primarily used for property tax purposes and does not necessarily indicate the market conditions or buyer sentiment. Investment value pertains to the specific value of a property to a particular investor based on their personal investment criteria, which can differ significantly from general market conditions.

Therefore, market value is the most fitting choice for what a buyer is willing to pay, encapsulating the real-time dynamics of the buying process in a competitive open market.