Louisiana Administrative Code
Title 61 - REVENUE AND TAXATION
Part V - Ad Valorem Taxation
Chapter 1 - Constitutional and Statutory Guides to Property Taxation
Section V-109 - Fair Market Value Defined
Universal Citation: LA Admin Code V-109
Current through Register Vol. 50, No. 3, March 20, 2024
Fair Market Value-the price for property which would be agreed upon between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances; it shall be the highest price estimated in terms of money which property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used.
AUTHORITY NOTE: Promulgated in accordance with R.S. 47:2321.
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