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

Show All Answers

1. What is reassessment?
2. What is the purpose of reassessment?
3. How often does reassessment occur?
4. What real property is taxable?
5. Why would the reassessment team need to come in my house?
6. The reassessment team has never come into my home before - why would they need to now?
7. I received a letter saying assumptions will be applied. What does that mean?
8. Can I refuse to allow the assessors access to my property?
9. Will reassessment affect my property taxes?
10. What is fair market value?
11. How can I tell if my reassessed value is fair and accurate?