Question About FM V

Greetings,
I am wondering how FMV is calculated

Thank you,

Comments(1)

  • writergig8th January, 2005

    It's based mainly on comps and the condition of the house.

    Also, in some markets, the tax assessment represents 80% of the retail value, but this is not written in stone. For example, a house with a tax assessment of $160K will have a FMV or $200K.
    (This info comes directly from the President of the Realtors in a top market.) He says this with the caveat that hot areas will have a higher percentage and slums will have a lower.

    There is no firm formula, so your best bet is to get a real estate agent in the area to 'eyeball' the property and give a general FMV.

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