Real Estate Glossary: Fair Market Value

Fair Market Value

The highest monetary price that a property would bring, if offered for sale for a reasonable period of time in a competitive market, to a seller who is willing but not compelled to sell. The buyer must be willing but not compelled to buy. And both parties are fully informed of all the purposes to which the property is best adapted and is capable of being used. Fair market value is often used in annual tax assessments done for county tax purposes.

Advertisements

Leave a comment

Filed under Real Estate, Real Estate Glossary

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s