Recent Examples of fair market value from the Web
FreshPoint would pay about $125,000 an acre, 10-percent more than fair market value and would pay $20,000 a year in property taxes, Freimuth said.
The denial led the city council to pass legislation in September allowing it to sell parkland to a nonprofit for less than fair market value, Strickland said.
The Cook County assessor’s office gives the house a fair market value of more than $1.085 million.
One of those existing powers is eminent domain, which means Atrium can force property owners to sell at a fair market value to make room for hospital projects.
Section 15 of the Illinois Condominium Property Act requires investors to pay fair market value, but some offer premiums above that.
The tax break, which the village would need to endorse, would lower the property’s assessment level from 25 percent of fair market value, which is the level used for commercial property, to 10 percent, or the same level as homes are assessed at.
In the new lawsuit, the city could be on the hook for damages that include the fair market value of Alleva's properties.
The tax would value her stocks, bonds, and property as the price on the day before her official exit and impose levies on them based on fair market value.
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Financial Definition of FAIR MARKET VALUE
What It Is
Fair market value is the price at which a willing seller sells a good or service to a willing buyer.
How It Works
Let's assume John Doe wants to sell his house. He lists it for $750,000. Jane Dale wants to buy a house. She sees John's house for sale and offers him $675,000. The two negotiate the price and agree on $700,000. Because it is the price John and Jane agree to, the fair market value of the house is $700,000.
fair market value
legal Definition of fair market value
Learn More about fair market value
Britannica.com: Encyclopedia article about fair market value
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