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Posted on June 11, 2019 - 09:23 AM
by Michael Bowen
At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.
*Fair Market Value- a term generally used in property tax and condemnation legislation, meaning the market value of a property.
Example: property taxes generally are assessed at some ratio of fair market value.
Example: When property is condemned for public use, the owner is entitled to be compensated at fair market value.
At Equity Real Estate we are here to help you navigate the home buying and selling process. Give us a call with any questions!
*Barron's Real Estate Guides; Dictionary of Real Estate Terms