How is the term “fair market value” defined by the Department?
A – The Department defines “fair market value” as the highest, or most probable price, estimated in terms of money, on the date of valuation, which a parcel would bring if exposed for sale on the open market for a reasonable period of time, that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obligated to sell, and a buyer, being ready, willing and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.
