What best defines a "just" value in property assessment?

A "just" value in property assessment is best defined as an accurate reflection of a property's true market value. This concept is rooted in the principle of fairness and equity in taxation, ensuring that property is assessed at a value that mirrors what it would sell for on the open market. This value is determined based on various factors including recent sales of comparable properties, the condition and location of the property in question, and overall market conditions. By assessing property at its true market value, the goal is to ensure that each property owner pays a fair share of taxes relative to the value of their property, promoting equity within the community.

In contrast to the other options, a value that favors the seller or is influenced by personal opinions does not provide an objective or standardized basis for assessment and could lead to inequities. Similarly, while government standards do guide the assessment process, they do not solely define "just" value; rather, they ensure that assessments are conducted in a consistent manner while still aiming to reflect true market value.