The Assessor shall assess property at its full and true value as of January 1st of the assessment year, except as provided in AS 29.45. The full and true value is the estimated price that the property would bring in an open market and under the then prevailing market conditions in a sale between a willing seller and a willing buyer both conversant with the property and with prevailing general price levels. (Ord. 86-080 § 4, 1986. 2004 Code § 3.08.029.)