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DEFIiN/TION OF iYLM~K'I~,T VALUE "Market value" means the usual selling price at the place where the prope,~f to which the te.~ is applied shall be at the time of assessment; being the price which could be obta/ned at a private s~te or an auction sale, if it is dele.whined by the assessor that the pr/ce from the auction sale reoresents an arm's ~rmsacnon. The prbce obr~iwed ar a forced sale shn!l not be eansidered. (M.S. 272.02) ~It is u~ to the assessor to form an opin/on of the market value even when ~here is no market or sales aid in ~xing values. ***Where there have been no actual sale~ for a long period of time, there is no way of de,training values except by the judg~nem and opinion of people acquainted with the lands, the/r adapmb/iiry for u~e, and the circarnsm.nc~ of the snn-ounding community. ~'~* (State v. Fritch, !75 Minn. 478, 22! N.W. 70--5). The above detinifion of market value i~ Minnesota's statutory dmq.nition. However, many of the professional appraiser/a~sessor organi~riom ltave developed their own defmidous of .marker value which may be more derailed ~ the star~ory definition. ,. The Iaterrmfional Assoc/arion of Assessing Officem defines market value in the following rnnnner: Market value is the most probable price expressed in terms of money that a property would bring if exposed for sale in the open market in an arm's length rr-a~acrion between a w/ll~ng seller and a willing buyer, bo~h of whom are knowledgeable concerning all the uses ro which it is adapted and for which it ia capable of being treed. The Societ7 of Real Estate Appraisers defines market value as: The highest pr/ce in term~ of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting pradentiy, knowledgeably and ~m~ming tiler the pr/ce is not affected by undue stimulus. Other professional org~ni~ntions have defined market value in approximately the same torres. The definitions generally imply the consumrn~on of a sale as of a specific date under the following conditions: 1. The buyer and seller are typically motivated; Both. parties are well informed or well advised and each is acting in what is cousidered to be thek own bear interest; 3. A remsonable rime is allowed for exposure in the open market; 4. Payment is made in crash or its equivalent; Financing, ff any, is on terms generally available in the community at the specified date and typical for the property type in its locale; The price re~presents a normal consideration for the property sold unaffected by special famncing amounts andIor terms, services, fees, costs or credits incurred in the transaction. In other words, market value is the prbce that would rend to prevail under typical, normal competitive open market conditions.