Not always. Market value has been defined by the State Supreme Court as:
“the price in a competitive market a purchaser, willing but not obligated to buy, would pay an owner, willing but not obligated to sell, taking into consideration all legal uses to which the property can be adapted and might reasonably be applied.”
The price refers to the current value of the property. The value may be very different than its price at another time or in a different condition or use.
Some people may have overpaid for a property. Others may have purchased their property at a bargain price. The property itself may also have changed in some significant way. Market value is always defined as of the date of the appraisal.