true value

noun

Legal Definition of true value

1 : fair market value

called also true cash value

2 : the depreciated book value of personal property for purposes of taxation of such property used in business

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“True value.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/true%20value. Accessed 25 Jan. 2021.

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