A subjective estimate of what a willing buyer would pay a willing seller for a given asset, assuming both have a reasonable knowledge of the asset's worth. Market value is important in both law and accounting. In the former, it is often used in assessing damages as the result of a lawsuit. In the latter, determining the market value of an asset (e.g. after depreciation) is important to determining the amount of tax owed on it.
This article is about the town. For the adjacent village, see Somerset, Wisconsin. Somerset is a town in St. Croix County, Wisconsin, United States. The population was 2,644 at the 2000 census. The Village of Somerset is located within the town.
The United States Office of Management and Budget has designated Somerset County as the Somerset, PA Micropolitan Statistical Area (ÂµSA). As of the 2010 U.S. Census the micropolitan area ranked 7th most populous in the State of Pennsylvania and the 77th most populous in the United States with a population of 77,742.