In real estate, fair market value (FMV) is the determined price for which a property will sell in an open market. The FMV is determined by a willing buyer and seller who are both reasonably knowledgeable about the property in question. To determine what fair market value is, you should begin with what it isn’t: fair market value isn’t what you (the buyer or seller) think the worth is. It’s not always the appraised price, and it’s not always the tax value.
Fair Market Value
Updated 04/29/2024
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