1
Q
Market value
A
The estimated amount for which an asset or liability should exchange hands on the date of valuation between a willing buyer and a willing seller in an arms length transaction after property marketing wherein the parties had each acted knowledgeably, prudently and without compulsion
2
Q
Fair value
A
The amount for which an asset could be exchanged between knowledgable and willing parties in an arms length transaction
3
Q
Special value
A
A term relating to an extraordinary element of value over and above market value
Special value could arise, for example, by hr physical, functional, or economic association of a property with some other property such as the adjoining property
