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.
Somerset was first settled in 1798 by Thomas Hansford and received its name from Somerset County, New Jersey, where some of the early settlers had formerly lived. Somerset became the Pulaski County seat in 1802, and it was incorporated as a city in 1887. A significant Civil War battle was fought in January 1862, at Mill Springs (now Nancy) about 8 miles (13 km) west of Somerset, and a museum is at the site. A smaller battle was fought nearby at Dutton's Hill in 1863. The completion of Lake Cumberland in 1950 transformed Somerset from a sleepy rural community into one of the largest recreation centers in Kentucky, drawing more than 1.7 million visitors annually, especially between the Memorial and Labor Day holidays.