What is current market value or fair market value?
Fair market value is defined as ” The most probable price in terms of money that a property should bring in a competitive and open market under all conditions requisite to a fair sale, assuming that the buyer and seller, each acting prudently, and assuming the price is not affected by undue stimulus.
Fair market value is defined as ” The most probable price in terms of money that a property should bring in a competitive and open market under all conditions requisite to a fair sale, assuming that the buyer and seller, each acting prudently, and assuming the price is not affected by undue stimulus.” Implicit in this definition is the sale as of a specified date and the passing of title from the seller to the buyer under the following conditions:
