What does the term 'price' refer to in property assessment?

In the context of property assessment, the term 'price' specifically refers to the amount asked, offered, or paid for a property. This definition captures the essence of price as it pertains to real estate transactions, reflecting the actual transaction activity in the market. Price is influenced by various factors such as market demand, property condition, location, and economic conditions at the time of sale.

Understanding price is essential for assessors because it provides insight into market trends and helps gauge the value of properties relative to one another. By focusing on the amount involved in these transactions, assessors can form a clearer picture of what properties are truly worth in their local markets.

While the other options highlight important aspects related to property valuation, they do not encapsulate the comprehensive understanding of price in the way that this definition does. For instance, the monetary worth and assessed value of a property are broader terms that can be influenced by many external factors, and the cost to acquire a property doesn’t always reflect its current market price.