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What Is a Fair Market Value? Definition, Uses and Importance.

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The price at which an item of property would be purchased by a willing buyer, and sold by its owner. This term refers specifically to the profit made on these transactions- it does not include any expenses or other costs associated with running your business such as taxes owed (unless you are self employed).

In probate, market value has a significant impact on the amount of compensation that the owner of seized property or property that is for sale can obtain. Generally, the present owner of the real estate wishes to establish the highest feasible fair market value to maximize the profit they will receive. On the other side, the government or the purchaser of the real estate will attempt to demonstrate the property’s fair market value is as low as possible to limit their losses.

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