(1) Synonym for market price.

(2) Also: market price. The price that can be obtained (usually with reference to real estate) on the open market under ordinary circumstances. In the case of real estate, the market value is determined by an expert appraiser on the basis of the intrinsic value and the capitalized income value, and adjusted in line with local rates and the situation on the property market. See also intrinsic value, capitalized value.