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HeliCalc: FMV

Fair Market Value (FMV) is defined as an opinion expressed in terms of money, at which the property would change hands between a willing buyer and a willing seller, neither being under any obligation to buy or to sell and both having reasonable knowledge of relevant facts, as of a specific date. (Source: Machinery & Technical Specialties Committee of the American Society of Appraisers – July 25, 2010).