What is fair market value?
Fair market value is the most probable price that a property would sell for on the open market. The sale should be an arm's length transaction between a willing buyer and seller. A bona fide sale of a property is considered the best evidence of market value.

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1. Why does Portsmouth assess at "market value"?
2. What is fair market value?
3. What affects market value?
4. How does the Assessor’s Office obtain information?
5. How is property value determined?
6. What if there are no recent sales in a neighborhood?
7. Why do assessments change each year?
8. What do some properties sell for more or less than their assessed value?