Definitions for "Actual value"
It is not possible to determine a completely true value of a quantity as there is always some error in every measurement. Theoretically we could say the "true" value of a measured quantity can be derived by taking the average of an infinite number of measurements assuming that the conditions contributing to deviations act is a completely free and random manner.
The actual value of the controlled condition.
The value used pursuant to Colorado Revised Statutes for ad valorem or property tax purposes. Actual value is often synonymous with market value. Actual value is determined by the use of either the cost, market, or income approaches to value. Colorado Revised Statutes defines or determines the specific method or procedure used, depending on the type/class of property.
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