AGO Opinion Topics: TRUE AND FAIR VALUE

The "true and fair value of property in money" for property tax valuation purposes is its market value or the amount of money a buyer willing, but not obligated to buy would pay for it to a seller willing, but not obligated to sell.  In arriving at a determination of such value the assessing officer can consider only those factors which can within reason be said to affect the price in negotiations between a willing purchaser and a willing seller, and he must consider all of such factors.