All property shall be returned for taxation at its ___________, except as otherwise provided.

The correct completion of the statement is centered around the terminology used in property taxation, which is generally aimed at reflecting the true value of a property for tax purposes. "Fair market value" is the most appropriate term because it denotes the price at which property would sell under normal market conditions, with both the seller and buyer willing participants. This value assumes that neither party is under any compulsion to buy or sell, and that both are reasonably knowledgeable about the market conditions.

In property taxation, municipalities often seek to assess properties at their fair market value to ensure equity in tax distribution among property owners. This approach helps to ensure that tax burdens are distributed based on the actual value of properties in the market, providing a logical basis for taxation.

While other terms like "market value," "assessed value," and "full market value" are related and sometimes used interchangeably in casual conversations about property value, they do not capture the specific legal and technical definition needed in this context, particularly how it pertains to taxation. "Full market value" is similar but may not be as commonly used in the legal framework of tax assessments. The term "assessed value" typically refers to the value that has been calculated by the tax assessor for purposes of taxation and may differ