Beginning Market Value (BMV)

The valuation at which the property should exchange at the date of origin, and the beginning of each period. The beginning market value at the start of every period is equal to the ending market value of the previous period.

The market value is based on what both the buyer and seller (effectively, the market), deem the true value of the property to be. Market value is similar to market price given that the market remains efficient and the players are rational.