fair market value

noun

Definition of fair market value

: a price at which buyers and sellers with a reasonable knowledge of pertinent facts and not acting under any compulsion are willing to do business

Examples of fair market value in a Sentence

Recent Examples on the Web Enter an appraiser, whose job is to determine the home’s fair market value—and do so independent of the seller’s list price and the buyer’s hunch of what the home is worth. Brittany Anas, House Beautiful, "Why Home Appraisals Are So Important," 12 Feb. 2021 The legality of this sale hinges on whether the home was purchased at fair market value. Robert Faturechi, ProPublica, "Sen. David Perdue Sold His Home to a Finance Industry Official Whose Organization Was Lobbying the Senate," 10 Dec. 2020 The foundation found that the sale was made voluntarily and for fair market value. Jessica Gresko, chicagotribune.com, "Supreme Court to decide whether Nazi art case brought by musician stays in United States," 5 Dec. 2020 Government officials survey properties and subsequently offer landowners compensation that is supposed to be based on fair market value. Camilo Montoya-galvez, CBS News, "New report details Trump effort to seize thousands of acres of private land for border wall," 24 Nov. 2020 The firm also pegged the site’s fair market value at $8 million. Jennifer Van Grove, San Diego Union-Tribune, "City to sell East Village site for $8.5M; developer planning office campus," 18 Nov. 2020 That would translate to between $9 and $17 per household, based on a home with a fair market value of $300,000, according to village manager George Koczwara. Mike Nolan, chicagotribune.com, "Orland Park officials set course for slightly lower property tax levy," 17 Nov. 2020 The amendment permits the presence or production of oil to be considered when assessing the fair market value of a well for ad valorem property tax purposes. Bloomberg.com, "Illinois Faces Cuts, Tax Increases After Ballot Measure Fails," 4 Nov. 2020 But if his heirs sold the Orioles soon after his death, tax laws would give them the enormous benefit of eliminating the capital gains tax because the club would be assessed at the current fair market value. Jeff Barker, baltimoresun.com, "Potential Orioles bidders line up in hopes the Angelos family decides to sell," 30 Oct. 2020

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'fair market value.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of fair market value

1891, in the meaning defined above

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Time Traveler for fair market value

Time Traveler

The first known use of fair market value was in 1891

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Statistics for fair market value

Last Updated

25 Feb 2021

Cite this Entry

“Fair market value.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/fair%20market%20value. Accessed 8 Mar. 2021.

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More Definitions for fair market value

fair market value

noun

Legal Definition of fair market value

: a price at which buyers and sellers both having reasonable knowledge of the property and being under no compulsion are willing to do business

More from Merriam-Webster on fair market value

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Britannica.com: Encyclopedia article about fair market value

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