Which factor is NOT a part of the definition of market value?

Market value is commonly defined as the most probable price that a property would sell for in an open and competitive market, influenced by various factors. Among these factors, current economic conditions play a crucial role, as they determine how supply and demand dynamics affect pricing. The most probable selling price reflects the consensus among buyers and sellers based on these conditions and other specific property characteristics.

The property's utility for buyers is also a significant factor because it pertains to how useful or desirable the property is to potential purchasers, which can influence their willingness to pay a particular price.

In contrast, uniform appraisal standards are guidelines used by appraisers to ensure consistency and reliability in property valuation but are not directly a part of the definition of market value itself. They help ensure that appraisals are done accurately and fairly, but they do not influence the market value as perceived in the marketplace. Thus, this makes it the factor that is not part of the direct definition of market value.