FAIR MARKET VALUE
The amount for which real property or PERSONAL
PROPERTY would be sold in a voluntary transac-
tion 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.
