Fair Market Value

An appraisal term for the most probable price in terms of money that a property, if offered for sale for a reasonable period of time in a competitive market, would bring to a seller who is willing but not compelled to sell, from a buyer who is willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and ways it is capable of being used. The accepted term today is market value.