fair market value

Definition of "fair market value"
  1. The price at which property would sell in an open, competitive market, different from the cost of duplicating the same property
How to use "fair market value" in a sentence
  1. The antique was appraised at a high fair market value due to its rarity.
  2. The city assessed the fair market value of homes to determine property taxes.
  3. The fair market value of the car was much lower than what the owner hoped for.
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