OMV

OMV stands for opinion of market value, the appraiser's conclusion about the market value of a property as of a specified effective date. The term emphasizes that an appraisal represents a professional opinion developed from analysis rather than a guaranteed price.

An appraiser develops the opinion by examining the property's characteristics, relevant market conditions and available valuation evidence, such as comparable sales. Market value is generally based on the actions of typical market participants under defined conditions, including an open and competitive market and a reasonable exposure period.

The opinion is specific to the assignment, effective date and intended use. Because valuation involves professional judgment, another qualified appraiser may reach a different conclusion while still developing a credible appraisal. A reconsideration of value provides a process for submitting additional information that may cause the appraiser to reconsider the original conclusion.