fair market value

noun

: a price at which buyers and sellers with a reasonable knowledge of pertinent facts and not acting under any compulsion are willing to do business

Examples of fair market value in a Sentence

Recent Examples on the Web
These examples are automatically compiled from online sources to illustrate current usage. Opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.
What: Facilities referendum How much: $89.1 million Tax impact: An additional 24 cents per $1,000 of fair market value. Alec Johnson, Journal Sentinel, 15 Oct. 2024 Not uncommon for projects in the south suburbs, the Class 8 designation would reduce the property tax assessment level for the property to 10% of fair market value, or the same assessment level for residential properties. Mike Nolan, Chicago Tribune, 10 Oct. 2024 This review process will involve assessment of fair market value, a controversial metric given that FMV is often difficult to assess. Michael McCann, Sportico.com, 26 July 2024 Generally, worldwide assets are deemed sold at fair market value on the day before the expatriation. Virginia La Torre Jeker, J.d., Forbes, 16 Oct. 2024 See all Example Sentences for fair market value 

Word History

First Known Use

1891, in the meaning defined above

Time Traveler
The first known use of fair market value was in 1891

Dictionary Entries Near fair market value

Cite this Entry

“Fair market value.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/fair%20market%20value. Accessed 5 Nov. 2024.

Legal Definition

fair market value

noun
: a price at which buyers and sellers both having reasonable knowledge of the property and being under no compulsion are willing to do business

More from Merriam-Webster on fair market value

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