Which type of property value reflects the price a buyer is willing to pay?

Market value is the correct answer because it specifically refers to the price that a buyer is willing to pay for a property in an open and competitive market. This concept encompasses various factors, including current market conditions, supply and demand, the specific characteristics of the property, and comparable sales in the area. Market value helps potential buyers and sellers gauge the property’s worth and is commonly used in real estate transactions.

Assessed value, in contrast, is typically determined by tax authorities for property tax purposes and may not reflect the actual price a buyer would pay in the current market. Intrinsic value relates more to the perceived or inherent worth of an asset, which can be subjective and not necessarily linked to market transactions. Meanwhile, book value is an accounting term that represents the value of an asset on the company's books, calculated based on the initial cost minus any depreciation, and does not consider market dynamics or buyer behavior.