---
urn: urn:us-la:rs:47:2321
citation: "R.S. 47:2321"
status: active
breadcrumb: "Title 47 › Subtitle III › Chapter 6 › Part II"
acts_citations:
  - { year: 1976, number: 705, section: 1, effective_date: 1976-08-04, role: enactment }
---

# Fair market value; defined

Fair market value is 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.