How is the fair market value of property determined?
The fair market value of property is determined by the evidence. Fair market value of real estate is almost always an “opinion.” Therefore, there market value is determined by the opinions of value that come from the witnesses who testify at trial. 17. Who are the witnesses at trial? Not everyone is allowed to give their opinion of fair market value. In order for a witness to give their opinion of fair market value at trial, they must have some special qualifications. They can be an expert real estate appraiser, or a lay witness who is especially familiar with land values. There is also a provision that allows a landowner to give their opinion of value just based on the fact that they are the owner of the property. 18. Who decides the fair market value of the property? In most cases, it will be a jury. The jury hears the testimony of witnesses, which consist of their opinions concerning the fair market value of the property. The jury weighs the evidence they hear and decide what they b
