In property assessment, what does "full and true value" aim to represent?

"Full and true value" in property assessment aims to reflect the realistic selling potential of a property in the context of the current market conditions. This concept is crucial as it represents an estimation of the property's worth that a seller might expect to receive in an arm's length transaction. It involves analyzing various factors, such as the property's condition, location, and recent sales of comparable properties, to arrive at a value that both consumers and the tax assessor might regard as fair and reflective of the property's actual market standing.

The goal of realizing the property's realistic selling potential is aligned with maintaining equity in property taxation, ensuring that all properties are assessed fairly compared to one another based on what they would typically fetch in a competitive market. This acknowledges fluctuations in the market and the uniqueness of each property rather than assuming a static or theoretical valuation that might not accurately reflect practical circumstances.