Which term refers to the value that a property would likely sell for in the current market?

The term that refers to the value a property would likely sell for in the current market is known as market value. Market value is determined by various factors, including the property's location, condition, and comparable sales in the area. It reflects what a typical buyer would be willing to pay for the property in an open and competitive market, based on current demand and supply dynamics.

This is different from appraised value, which is an estimate determined by a licensed appraiser, often used for financing purposes. The appraised value may not always align with current market trends if real estate conditions change.

Assessed value is the value assigned by a tax authority for property tax purposes, which may not correspond to market conditions. This value could be based on a formula or an average of market values rather than the specific selling price achievable in current market circumstances.

Liquidation value refers to a forced sale of a property, typically under distress situations, and is usually lower than market value since it may not allow for the time to find a buyer who would pay the full market price. Therefore, market value is the most accurate term for understanding what a property could sell for in the current market conditions.