Abstract
There has long been a difference of opinion within the appraisal community as to the proper definition of market value. Because available data determine the market value, and due to the variations in quantity and quality of such data, a flexible definition must be devised which will reflect those variations. Likewise, any choice of an appropriate model to aid in valuation will hinge, in large part, upon available data and its utility. The better the data, the nearer the model used can be to market comparison, and the greater the justification for treating the appraised value as a prediction of price. The market comparison approach is not only usable and sufficient, it is preferable in an economic system wherein value is measured in terms of price. A change in attitude towards market value is encouraged, one which will consider the market value definition as the residual product of the appraisal process, rather than the starting point.