Which type of appraisal is indicated by the phrase, "the market value of the subject property was $200,000"?

The indication that "the market value of the subject property was $200,000" suggests a focus on a specific point in time when the value was assessed. This phrasing aligns with a retrospective appraisal, which analyzes values based on past conditions and events. In this context, using the past tense "was" signals that the value pertains to an earlier date rather than the current market situation.

A retrospective appraisal is often utilized in situations where understanding the historical market value is necessary, such as in legal disputes or estate valuations. It requires an understanding of factors that influenced value at the time being referenced, which is reflected in the phrase given in the question.

Other appraisal types indicate different timelines: the current appraisal looks at the value as of today, prospective appraisals predict future value, and concurrent appraisals would value the property at the same time as it is being appraised. Thus, the use of past terminology here distinctly identifies the correct appraisal type as retrospective.