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Fair Market Value |
Also found in: Dictionary/thesaurus, Financial, Acronyms, Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
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The amount for which real property or Personal Property would be sold in a voluntary transaction between a buyer and seller, neither of whom is under any obligation to buy or sell. The customary test of fair market value in real estate transactions is the price that a buyer is willing, but is not under any duty, to pay for a particular property to an owner who is willing, but not obligated, to sell. Various factors can have an effect on the fair market value of real estate, including the uses to which the property has been adapted and the demand for similar property. Fair market value can also be referred to as fair cash value or fair value. fair market value n. the amount for which property would sell on the open market if put up for sale. This is distinguished from "replacement value," which is the cost of duplicating the property. Real estate appraisers will use "comparable" sales of similar property in the area to determine market value, adding or deducting amounts based on differences in quality and size of the property. (See: market value, appraiser) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Thus protected, the LLC successfully sold the property at fair market value after agreeing to assign the insurance policy to the new owner. A taxpayer may deduct the fair market value of an auto if the charity intends to make "significant intervening use of or "material improvement to" the car. You will need to find the fair market value of the home and the farmland—both their actual value and rental value. |
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