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Fair market value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market. An estimate of Fair Market Value is usually subjective due to the circumstances of place, time, the existence of comparable precedents, and the evaluation principles of each involved person.
But if you were to look at the tax bill for that particular property, you would probably see a different value listed on it--called a tax assessed value--and that value could differ by thousands of dollars. Fair market value, or FMV, is the price a home should sell for under normal market conditions. Normal is a subjective term, but it generally means that the local housing market is not in distress due to a large number of foreclosures or a recent natural disaster like an earthquake or hurricane.