So what is this “fair market value?”
Fair market value is what a seller is willing to accept and what a buyer is willing to pay based on sales from similar properties.
Sold properties are compared based on the price they sold for, not on asking prices.
This is different from tax assessments, which are based on the last June’s data, often out of date.
Tax assessments can reveal a pattern, but not value.
It is important to get as up to date information as possible on fair market value before making a purchase.