What does 100% of full and fair cash value mean?
The courts have defined this phrase to mean “current market value”, the price arrived at by a willing buyer and a willing seller. Each party has a good knowledge of the market and is acting without undue pressure. In determining value, assessors approximate what the property would sell for on the open market, within an acceptable range of error.
The courts have defined this phrase to mean “current market value”, the price arrived at by a willing buyer and a willing seller, each with a good knowledge of the market and each acting without undue pressure or compulsion. Thus, in determining value, assessors seek to approximate what property would sell for on the open market, within an acceptable range of error.
The courts have defined this phrase to mean “current market value”, the price arrived at by a willing buyer and a willing seller, each with a good knowledge of the market and each acting without undue pressure or compulsion. Thus, in determining value, assessors seek to approximate what property would sell for on the open market, within an acceptable range of error.
