Determining the market value of a property is a complex task that requires careful analysis. 

Here are several methods commonly used:

Sales Comparison Approach- 

This is the most common method. It involves:

• Identifying comparable properties: Properties similar in size, location, age, and condition to the subject property.
• Gathering data: Collecting recent sales prices of these comparable properties.
• Adjustments: Making adjustments to the comparable sales prices to account for differences between the properties (e.g., size, condition, amenities).
• Estimating value: Arriving at a value for the subject property by averaging the adjusted sales prices of the comparable properties.

Cost Approach - 

This method estimates the property's value based on the cost to replace it. It involves:

• Estimating land value: Determining the value of the land as if it were vacant.
• Estimating construction cost: Calculating the cost to rebuild the property.
• Accounting for depreciation: Considering the property's age and condition to determine depreciation.
• Adding land value: Summing the land value and the depreciated construction cost to estimate the property's value.

Income Approach - 

This method is primarily used for income-generating properties (e.g., rental properties, commercial buildings). It involves:

• Estimating potential income: Determining the property's potential rental income.
• Calculating net operating income (NOI): Subtracting operating expenses from potential income.
• Determining capitalization rate: Estimating the rate of return investors expect for similar properties.
• Calculating property value: Dividing the NOI by the capitalization rate.

Other Factors To Consider - 

Location: The property's location significantly impacts its value. Desirable areas typically command higher prices.

Economic conditions: Market trends, interest rates, and economic growth can influence property values.

Market analysis: Understanding supply and demand dynamics in the local market can provide valuable insights.

Property condition: The property's physical condition, maintenance history, and updates affect its value.

Zoning and land use restrictions: These factors can impact the property's potential use and value.

While these methods provide a framework for valuation, accurate property valuation often requires expertise. 

Consulting with a qualified real estate appraiser is recommended for a comprehensive and reliable assessment.