What is Fair Market Value and How is it Determined?

Fair market value is the price that a willing buyer of the property would pay to a willing seller. If the government wants to take your whole property, you are entitled to its fair market value, as determined by appraisal. If only part of the property is being taken, you are entitled to the difference between the fair market value of the whole property before the taking and the fair market value of the remaining land after the taking, taking into account any damage to the value of that remaining property by the condemnation of the other portion of the land.