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Austin County Appraisal District Local Property Taxation Appraisal Information Market Value is the price at which a property would sell for cash or its equivalent under prevailing market conditions if: 1. Exposed for a reasonable time in the open market. 2. Both the buyer and the seller are well informed of all the property uses, purposes, and restrictions. 3. Both parties seek to maximize their gains. 4. Neither party is in a position to take advantage of the other. There are Three Approaches to Value: Market, Cost, Income The value of real property subject to local property taxation is determined by the use of Mass Appraisal techniques. Within the Mass appraisal system, there are three widely recognized approaches to determining the value. The Sales Comparison or Market approach, the Cost approach and the Income approach are all considered in the value determination. The type of property being appraised will determine how much weight will be given to the values derived for a property...