Fair market value

{
  "id": "MLC-T-LAW-002039",
  "term": "Fair market value",
  "field": "Law",
  "definition": "The price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell, and both having reasonable knowledge of relevant facts. This value is often used in taxation, eminent domain proceedings, and property assessments. It is determined by considering factors such as comparable sales, income potential, and replacement cost.",
  "url": "https://mlchart.com/terminology/law/fair-market-value/"
}