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What if the Fair Market Value (FMV) is less than the Assessed Market Value (AMV)?

April 26, 2017amv assessed fair FMV market value

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What if the Fair Market Value (FMV) is less than the Assessed Market Value (AMV)?

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If the FMV is less that the AMV than the assessment may be ripe for an appeal. For the appeal to be successful, the property owner must prove to the Board of Assessment that the current FMV of the property is less than the current AMV. Typically, this can be done by producing a current appraisal of the property or a recent settlement statement.