What is fair market value?

Fair market value is the price a property will bring when it is offered for sale by one who desires, but is not obliged, to sell it and bought one who is under no necessity of having it.

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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. Why do some properties sell for more or less than their assessed value?