Real property must be appraised based on what value?

The appraisal of real property is primarily based on the current and fair market value. This value reflects what a property would sell for in the current marketplace, considering factors such as location, condition, and recent sales of comparable properties. Using the current and fair market value ensures that the appraisal aligns with the present economic conditions, market demands, and trends.

This method provides a realistic and fair assessment of the property's worth, which is crucial for various transactions involving the property, such as sales, taxation, or collateral for lending. The emphasis on current and fair market value helps ensure transparency and accuracy in property assessments, allowing stakeholders to make informed decisions based on the most relevant data available.