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What (who) is fair market value - definition
Fair market value
PRICE OF PROPERTY BETWEEN WILLING AND KNOWLEDGEABLE PARTICIPANTS WHO ARE NOT UNDER STRESS
Fair-market value; Fair Market Value
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code, as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
fair market value
PRICE OF PROPERTY BETWEEN WILLING AND KNOWLEDGEABLE PARTICIPANTS WHO ARE NOT UNDER STRESS
Fair-market 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 also: appraise appraiser market value
market value
PRICE AT WHICH AN ASSET WOULD TRADE IN A COMPETITIVE AUCTION SETTING
Market values
¦ noun the amount for which something can be sold on a given market. Often contrasted with book value.
Examples of use of fair market value
1. This higher rate translates to a lower fair market value.
2. All other things remaining the same÷ If the income increases, the fair market value rises and vice versa If the required rate increases, the fair market value heads south and vice versa If the growth rate declines, the fair market value dips and vice versa.
3. If the selling price approximates the fair market value, the property is fairly valued.
4. They propose raising the price to $1,000 per acre or "fair market value," whichever is more.
5. So the partners cut him a deal at what they felt was fair market value.