What is defined as an opinion of a property's fair market value based on an appraiser's analysis?

The term "appraised value" refers specifically to the opinion of a property's fair market value that is provided by a licensed appraiser. This value is determined through a systematic analysis of various factors, including the property's condition, location, sales of similar properties in the area, and other relevant market data. The appraiser uses this comprehensive analysis to establish a fair market value that is intended to reflect what a knowledgeable buyer would be willing to pay for the property in an open market.

In contrast, market value generally refers to the price that a property would sell for in the current marketplace, which may not always align perfectly with the appraised value. Determined value and comparative value are not standard terms widely accepted in real estate appraisal and do not specifically convey the comprehensive evaluation that appraised value does. Thus, "appraised value" is the most accurate term for the opinion of a property's market value resulting from an appraiser's analysis.