Tax Type
Property Tax
Description
Real Estate Assessment, Fair Market Value
Topic
Basis of Tax
Local Taxes Discussion
Date Issued
05-07-1970
Assessment of real estate shall be at fair market value. The Supreme Court of Appeals has affirmed the theoretical "willing buyer willing seller' measure of that value, and has rejected the "individual use' value theory, although that may be considered in determining fair market value. Requests of local governing bodies to base appraisals upon considerations other than those established by law are not valid.
Attorney General's Opinion