What is "Market Value?"
Market
value or fair market value is the most probable price that a property should
bring (will sell for) in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller, each acting prudently,
knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified
date and the passing of title from seller to buyer under conditions whereby:
(1) buyer and seller are typically motivated; (2) both parties are well
informed or well advised; (3) a reasonable time is allowed for exposure to the
open market; (4) payment is made in terms of cash in U.S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the
normal consideration for the property sold unaffected by special or creative
financing or sales concessions granted by anyone associated with the sale.