What is required for all property returned for taxation?

The requirement for all property returned for taxation is based on the concept of Fair Market Value. Fair Market Value is defined as the price at which a property would sell in a competitive and open market under conditions where both buyer and seller are informed and willing participants. It reflects the current market conditions and is the standard measure used by tax authorities to assess the value of properties.

Tax assessments aim to ensure fairness and equity among all taxpayers, and establishing the Fair Market Value allows for a consistent and just approach to determining property tax liabilities. By valuing property based on what it would likely sell for in the market, governments can set appropriate tax rates and ensure that each property is contributing its fair share to community services funded through taxation.

Other concepts like depreciated value, net value, and replacement cost may serve specific purposes in certain contexts but do not align with the standard taxation requirement. Depreciated value typically accounts for the loss of value over time, net value may consider debts against the property, and replacement cost refers to the cost of replacing the property without deducting for depreciation. None of these accurately reflect the value in terms of taxation like Fair Market Value does, making it the correct choice for this question.