Just value, also known as fair market value, is the worth of something based on its usefulness and the amount it can be exchanged for in a fair and open market. It is commonly used in legal and financial situations to determine the value of assets or property. Essentially, just value is the inherent worth of something considering its qualities and demand in the marketplace.
The just value, also known as fair market value, is the price agreed upon by a buyer and seller in an arm’s-length transaction on the open market. It represents the point where supply and demand meet. For instance, if a house is initially listed for $300,000 but the buyer and seller negotiate and settle on a price of $280,000, that becomes the just value of the house. Similarly, if a car is being sold by a private owner for $5,000 and the buyer offers $4,500, which the seller accepts, that becomes the just value of the car. These examples demonstrate how just value is determined through fair and open negotiations between the buyer and seller, resulting in a mutually agreed-upon reasonable price for the item being sold.
Just value refers to the fair market value of a property or asset, determined by considering various factors such as its condition, location, and current market conditions.
Assessed value is the value assigned to a property by a tax assessor for the purpose of calculating property taxes, while just value is the market value of the property.
The just value of a property is typically determined by a licensed appraiser who evaluates the property based on various factors and comparable sales in the area.
Yes, the just value of a property can change over time due to factors such as changes in the real estate market, improvements made to the property, or changes in the surrounding area.
Yes, property owners have the right to dispute the just value assigned to their property if they believe it is inaccurate. This can be done through the appeals process with the local tax assessor’s office.
The just value of a property is used to calculate property taxes. Generally, higher just values result in higher property tax assessments.
Yes, it is possible to sell a property for more than its just value if there is a willing buyer who is willing to pay a higher price. Just value serves as a benchmark for determining a fair market price.
Yes, it is possible for the just value of a property to be lower than the purchase price, especially if the property was purchased during a real estate market peak or if there have been significant changes in the market since the purchase.
The frequency of reassessment varies depending on the jurisdiction. In some areas, properties are reassessed annually, while in others, reassessment may occur every few years.
While the just value of a property can provide a general idea of its worth, it is not typically used as the sole basis for determining insurance coverage. Insurance companies often consider other factors such as replacement cost and specific coverage needs when determining the appropriate coverage amount.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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