How Is Fair Market Value Defined?

October 7, 2021

Under Illinois law, “fair market value” is defined as the amount of money that a purchaser, willing, but not obligated, to buy the property, would pay to an owner willing, but not obliged, to sell in a voluntary sale. The fair cash market value of the property must exclude any appreciation or depreciation in value proximately caused by the condemnation project for which the property is being taken.

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