What is market value of a property?

Market value is defined "as the amount that a property might be expected to realize if it is sold on the open market by a willing seller to a willing buyer." (M.G.A. Section 1(n))  The market value date is as of July 1st, the year proceeding the tax year (i.e., July 1, 2006 Assessment (valuation Date) for 2007 Tax Year).