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How does Adjusted Market Value differ from Fair Market Value?

April 26, 2017Adjusted differ fair market value

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How does Adjusted Market Value differ from Fair Market Value?

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Fair Market Value is the value determined by the Department of Assessment, which reflects the amount of money a buyer would be willing to pay a seller for property offered for sale on an open market, over a reasonable amount of time, where both the buyer and seller are well informed and neither is under undue pressure to act. The Adjusted Market Value is used in the calculation of property taxes and as the basis for filing an appeal; it reflects any and all adjustments and limitations on increases in assessed value.