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Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting.Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code , as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
In accounting, fair value is a rational and unbiased estimate of the potential market price of a good, service, or asset. The derivation takes into account such objective factors as the costs associated with production or replacement, market conditions and matters of supply and demand.
Real estate agents use fair market value to help determine pricing. ... a third-car garage bay may be valued around $5,000 to $7,000 and a full bath may be worth $5,000 to $7,000,” Ameer says ...
Many car shoppers are still paying above the manufacturer suggested retail price (MSRP), even in a market where overall sales prices are falling. For that, you can thank the usual laws of supply ...
Here’s how American car dealers use the '4-square method’ to make big profits off you — and how you can make sure you're paying a fair price for all your vehicle costs Moneywise December 5 ...
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