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.
Sponsored Topics. Somerset is a census-designated place and unincorporated area located at the easternmost section within Franklin Township, in Somerset County, New Jersey. As of the 2000 United States Census, the CDP population was 23,040. Somerset housed one of the first Marconi Wireless Stations in the United States.