— Also termed actual value; actual cash value; actual market value; cash value; clear market value; fair and reasonable value; fair cash market value; fair cash value; fair market price; fair value; full value; just value; market value; salable value; true value. [Cases: Taxation 348(3).]
fair market value
The price that a seller is willing to accept and a buyer is willing to pay on the open market and in an arm’s-length transaction; the point at which supply and demand intersect. — Abbr. FMV.
