- market value
- The price property would command in the open market. The highest price a willing buyer would pay and a willing seller accept, both being fully informed, and the property being exposed for a reasonable period of time. The market value may be different from the price a property can actually be sold for at a given time (market price).The market value of an article or piece of property is the price which it might be expected to bring if offered for sale in a fair market; not the price which might be obtained on a sale at public auction or a sale forced by the necessities of the owner, but such a price as would be fixed by negotiation and mutual agreement, after ample time to find a purchaser, as between a vendor who is willing (but not compelled) to sell and a purchaser who desires to buy but is not compelled to take the particular article or piece of property. U. S. v. Certain Property in Borough of Manhattan, City, County and State of New York, C.A. N.Y., 403 F.2d 800, 802.See also actual market value+ market valueFair value of property as between one/ who wants to purchase it and another who desires to sell it. What willing purchaser will give for property under fair market conditions. People v. F. H. Smith Co., 230 App.Div. 268, 243 N.Y.S. 446, 451.Not what the owner could realize at a forced sale, but the price he could obtain after reasonable and ample time, such as would ordinarily be taken by an owner to make a sale of like property. Wade v. Rathbun, 23 Cal.App.2d Supp. 758, 67 P.2d 765, 766.
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.
