Alabama Code 18-1A-172. Fair market value defined
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Alabama Code 18-1A-172
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- property: includes both real and personal property. See Alabama Code 1-1-1
The fair market value as used in this chapter shall be defined as the price the property would bring when offered for sale by a willing seller who is not forced to sell and which is sought by a willing buyer who is not required to buy, after due consideration of all the elements affecting value.