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Market value, or fair market value, is the highest price in terms of money that a property will bring if 1) payment is made in cash or its equivalent, 2) the property is exposed on the open market for a reasonable length of time, 3) the buyer and seller are fully informed as to market conditions and the uses to the which the property may be put, 4) neither is under abnormal pressure to conclude a transaction, and 5) the seller is capable of conveying marketable title.
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