Market Value
The price an asset would likely sell for between a willing buyer and seller.
What Market Value means in an estate
Also called fair market value, it is the standard used to value estate assets such as a home, an account, or personal property. For estates it is usually measured as of the date of death, which also sets the new cost basis heirs get. An appraisal is the common way to establish it for real estate and unique items.
How this works in your state
The concept is national, but the forms, procedure names, thresholds, and filing practice vary by state. Open your state glossary and guides to see how market value is handled where the estate is being settled.
Related terms
Full probate glossary
Browse every probate and estate settlement term.
Probate assessment
Not sure what applies to your situation? Answer a few questions to find your path.
Information current as of April 4, 2026
Settled Estate is not a law firm, and this content is for informational purposes only and does not constitute legal advice. Probate laws and procedures in your state can change. Consult with a qualified attorney for advice specific to your situation. Full disclaimer.