Fair Market Value

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Fair Market Value

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)

References in periodicals archive ?
'However, we observed that the rawhide price remained below the fixed prices and decided to bring an end to the situation by exporting the same to ensure fair price for animal skin traders at grassroots' levels," he said.
In the inauguration, Chief Minister Biplab Kumar Deb in presence of Manoj Kanti Deb, Minister for Food, Civil Supply and Consumer Affairs (FCS&CA), MP Pratima Bhowmik and MP Rebati Kumar Tripura and other officials distributed packets of sugar to consumers of ration shops as part of the state government's bid to give sugar to consumers of fair price shops in order to provide relief to poorer sections of people.
He inspected Fair Price Shop, stalls of ghee, sugar, and flour and medical camp.
However, people on Monday waited in long queues to buy subsidized items from the Agriculture Fair Price Shops.
He said that 30 fair price shops would also be set up by the district government where five daily use items including gram pulse, gram flour, dates, lemon and banana would be available with Rs 20 per kg subsidy.
RAWALPINDI -- Under the directives of Chief Minister (CM) Punjab, Agriculture department Punjab has decided to set up 15 fair price shops in district Rawalpindi during holy month of Ramadan.
Rawalpindi -- Spokesman of Agriculture Department Punjab has said that Government of Punjab has established 'Agriculture Fair Price Shops' at Ramazan/ Model bazars in terms of service delivery and reduction in prices of Agriculture Commodity where 17 items of daily edible items are available on subsidized rates.
"The price of oil depends on the producers' conviction at the fair price. If the producers believe that the fair price is $ 70, they will raise prices for this level and then raise the production to the levels that will keep it," Jawahri said in a statement to the National Iraqi News Agency (NINA), added " some countries believe that the fair price is 70 and another see it as 50 and Saudi Arabia sees it as $ 80 a barrel.
As oil has risen, Opec ministers' assessments of a "fair price" for their crude have probably increased too, and that could put them at odds with their chief non-Opec partner: Russia.
SUZIE SLANEY: I would pay more for my milk to see dairy farmers paid a fair price especially after watching a television programme on the BBC recently featuring the farmer, Gareth Wyn Jones.
He said that 20 shops and 14 fair price shops would be set up at Shaheen Chowk while 50 shops near Tahli Chowk New Satellite Town and 35 shops would be set up near Happy Time marriage hall.