For accurate assessments, property values should reflect what aspect primarily?

The primary aspect that property values should reflect for accurate assessments is the current market value. Current market value represents the price that a property would sell for in an open and competitive market. This value takes into account various factors such as recent sales of comparable properties, current market trends, and economic conditions that influence demand and supply in the real estate market.

By focusing on current market value, assessors can ensure that property valuations are fair, equitable, and reflective of the true worth of a property based on what buyers are willing to pay at this moment. This approach helps in aligning property taxes, insurance valuations, and market listings with the actual state of the real estate market, providing a more accurate representation of a property's value than merely relying on aspects like personal attachments, original purchase price, or even government appraisal standards, which may not capture the present-day realities of the market.