What is "Fair Market Value"?
Fair Market Value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property, under the following conditions:
- The seller and buyer must be unrelated.
- The seller must be willing, but not under undue pressure to sell and the buyer must be willing, but not under any obligation to buy.
- The property must be on the market for a reasonable length of time.
- The payment must be in cash or its equivalent, and the financing, if required, must be typical for that type of property.
- If all these conditions are present, this is considered a market value, or "arm's length," sale.

Show All Answers

1. Why have reassessments?
2. What should I expect from reassessment?
3. What is the reassessment process?
4. How will I know if someone has visited my property?
5. What is "Fair Market Value"?
6. How will the reassessment affect my taxes?
7. Why do I have to pay property taxes?
8. When will the results from the current assessment be available?
9. How can I tell if my reassessed value is fair and accurate?
10. What do I do if I disagree with the assessed value?