fair market value is kind of nebulous. ask six qualified appraisers and you'll get six answers and then you may think the FMV is something else altogether they only way to know for sure is to sell which really is not practical in most cases.
the reason why i ask why you need to know, for example could be becuase you want to get insurance on the property in which case FMV may be totally misleading. for example if the Fair Vale of the property was $100,000 but the land was worth $15,000 you would think you only need a maximum of $85,000. maybe not. if there' s a foundation, that probably won't burn, so even less. maybe not. what if you want insurance to cover the rebuilding of the property that could be substantially more than even the Fair value of the property.
