What is fair market value?
Fair market value is defined by Louisiana Revised Statute 47:2321 as follows: ” Fair Market Value is the price for property which would be agreed upon between a willing and informed buyer and a willing and informed seller under the usual and ordinary circumstances; it shall be the highest price estimated in terms of money which property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used. ” Finding the “fair market value” of your property involves discovering the price most people would pay for it in its present condition in the current open market. It is not quite that simple, however, because the market and the condition of the homes are constantly changing.
Fair market value is defined by Louisiana Revised Statute 47:2321 as follows: “Fair Market Value is the price for property which would be agreed upon between a willing and informed buyer and a willing and informed seller under the usual and ordinary circumstances; it shall be the highest price estimated in terms of money which property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used.” Finding the “fair market value” of your property involves discovering the price most people would pay for it in its present condition in the current open market. It is not quite that simple, however, because the market and the condition of the home are constantly changing.
Fair market value is defined by Louisiana Revised Statute 47:2321 as follows: “Fair Market Value” is the price for property which would be agreed upon between a willing and informed seller under usual and ordinary circumstances; it shall be the highest price estimated in terms of money which property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used.” Finding the “fair market value” of your property involves discovering the price most people would pay for it in its present condition. It is not quite that simple, however, because the assessor has to find what this value would be for every property every year. The assessor’s job doesn’t stop there. He must immediately begin gathering sales and other data for future years as the market is constantly changing.
Fair market value means the price at which a property would transfer for cash or its equivalent under prevailing market conditions if: • exposed for sale in the open market with a reasonable time for the seller to find a purchaser; • both the seller and the purchaser know of all the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on its use; and • both the seller and purchaser seek to maximize their gains and neither is in a position to take advantage of the exigencies of the other.
