Deductions & credits

it depends. where I live appraised values do not represent true FMV. unimproved land gets a high discount while land with a building gets a lower discount. (the discount is not shown just the appraised number).  why not ask a realtor in your area how appraised values are determined.   however, if the appraised value is what you would sell it for, then its likely that is FMV.