Homes, commercial real property and certain other property categories are appraised at "market value" as of the first day of January each year. Market value is the amount of money a well-informed buyer would pay and a well-informed seller would accept for property in an open and competitive market without any outside influence. Land devoted to agricultural use, light passenger motor vehicles, and commercial and industrial machinery and equipment are appraised using a value based method, however it is not "market value".