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Open Market Value

OMV or Open Market Value is the best reasonably expected price for an interest in property at the time and date of valuation. 

OMV is dependent upon many factors and statutory assumptions. 

-It is used for the purpose of asset valuation and asserts that: 

-there is a willing seller

-there is a reasonable period in which to negotiate the sale

-that values will remain static during that period

-that the property will be freely exposed to the market; and

-that no account will be taken of any higher price that might be paid by a person with a special interest.

 


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