In property assessment, what does 'full value' refer to?

'Full value' refers to the estimated price that a property would sell for under open market conditions. This concept is essential in property assessment because it provides a basis for determining the fair market value of a property. Assessors aim to estimate this value by analyzing recent sales data, current market trends, and the characteristics of the property in question.

By reaching an understanding of 'full value,' assessors can ensure that properties are appraised at a level that reflects their true market potential, which in turn impacts property taxes and equalization within a community. It emphasizes the principle of ensuring equity among property owners, as properties should ideally be assessed at values that correspond to what they would realistically sell for if exposed to the market.

The other options suggest different interpretations of value but do not accurately encapsulate the concept of 'full value' specifically in the context of property assessment. For instance, the lowest possible sale price doesn't consider market conditions adequately, while assessed value may not reflect the actual market value, and the final sale price could vary widely based on many factors.