Market value is the most probable price that a property would sell for if exposed for sale in the open market between a willing seller and a willing buyer, free and clear of encumbrances. Normally, an appraisal is performed to determine market value. Lacking an appraisal or the assessor’s true and full value, tax value estimates are sometimes made
(a) using the fair sale price plus assumption of any special assessments,
(b) using the construction costs of the new improvements plus land cost including special assessment improvements.