Fair market value
Fair Market Value (FMV) is a term in both
law and
accounting to based on an estimate of what a buyer would pay a seller for any piece of
property. It is a common way of evaluating the value of property when assessing
damages to be awarded for the loss of or damage to the property, generally in a claim under
tort or a contract of
insurance.
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Fair Market Value
The value of a vehicle as stated by the National Automotive Dealers Association (NADA) or other sale publication. For vehicles under the 3-year replacement cycle, Fair Market Value is the average loan indicated in the appropriate NADA publication.
(GSA2)
Fair market value
Fair Market Value
The price (cash or equivalent) that a buyer could reasonably be expected to pay and a seller could reasonably be expected to accept, if the business were for sale on the open market for a reasonable period of time, both buyer and seller being in possession of all pertinent facts, and neither being under any compulsion to act.
Fair market value (FMV)
The amount in cash, or on terms reasonably equivalent to cash, for which in all probability something might be sold by a knowledgeable owner to a knowledgeable purchaser. Several federal statutes state that the federal government should receive fair market value when exchanging or selling federal lands and resources.
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