What does "full and true value" mean in property assessments?

"Full and true value" in the context of property assessments refers to the market value of a property. This term is used to ensure that properties are assessed at a level that reflects what they would likely sell for in an open and competitive real estate market, where both buyer and seller are knowledgeable about the property and the prices of similar properties.

Understanding market value involves considerations like the condition of the property, its location, and sales of comparable properties. The goal of using "full and true value" is to arrive at a fair and equitable assessment that can be used for taxation purposes and ensures uniformity in understanding what a property is worth in real-world terms. This definition aligns with the needs of local governments to assess properties accurately to determine tax liabilities based on actual market conditions.

Addressing the incorrect options, projected future value refers to an estimation of the property’s worth at a future date, which doesn't reflect its current market standing. Investment value generally pertains to the specific worth of a property from the perspective of an individual investor, which can vary widely from the market value. Lastly, appraised value minus depreciation does not represent the full picture of a property's worth but rather focuses on a specific calculation that can misinterpret market conditions.