What does current use value refer to in property assessment?

Current use value refers specifically to the value of a property based on its existing use at the time of assessment, rather than its potential uses or its market price. This concept is particularly relevant in scenarios where properties are used for purposes that may not represent their highest and best use if they were to be sold.

For example, agricultural land may have a much lower current use value when assessed based on farming activities compared to its possible market value if it were developed for residential or commercial purposes. This distinction helps ensure that property taxes and assessments reflect the actual economic circumstances of the property as it functions within the local market, rather than speculating on what it could be worth if repurposed.

The other options describe different aspects of property value that don't align with the definition of current use value. For instance, the fair market price achieved during a sale focuses on completed transactions rather than ongoing use, while estimated resale value speculates on future market conditions. The assessed value determined by state law could encompass a multitude of approaches and criteria, not specifically linked to current use.