What is fair market value?

Market value is the amount a typical, informed purchaser would be willing to pay for a property with the following conditions: 

  • The seller and buyer are not related
  • The seller is willing, but not under pressure to sell, while the buy is willing but not under obligation to buy
  • The property is on the market for a reasonable amount of time
  • The payment is in cash or its equivalent and any required financing is typical for that type of property

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1. What is reassessment?
2. What is the purpose of reassessment?
3. What real property is taxable?
4. What is fair market value?