What is the term used for determining the market value of a property?

The term used for determining the market value of a property is "appraisal." An appraisal is a systematic process conducted by a licensed appraiser, who evaluates various factors affecting the value of the property, such as its location, condition, size, and the sales prices of comparable properties in the area. This professional assessment provides an unbiased opinion of the property's worth, which is vital for a variety of purposes, including financing, selling, or tax assessments.

Assessment typically refers to the process conducted by a government entity to determine the value of a property for taxation purposes, rather than a market value determination by an independent appraiser. Evaluation is a more general term and can refer to various methods of assessing value, but it is not specifically tied to formal market valuation like appraisal. Inspection involves a physical examination of the property's condition and features, but it does not assess the market value, which is where appraisal plays its crucial role.