The appraised value of any property depends on many factors. Appraisers will determine which method would best in terms of determining value. But they will always look at the most recent comps of what similar properties have sold, and they will also look at what are active.
If you're thinking of assessed value rather than appraised value, that will depend on what the owner paid for it, and when.
Actual market value is dictated by what the buyer is willing to pay for it,