What is meant by “fair market value”?

Fair market value means the amount, in terms of money, that a well-informed buyer is willing to pay and a well-informed seller is willing to accept for the property in an open and competitive market, assuming that the parties are acting without undue compulsion.

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1. Why are my taxes so high?
2. What is meant by “fair market value”?
3. What is the mill levy and how is it set?
4. Will the value of my property change every year?
5. How does the county’s appraisal affect my taxes?
6. How do I calculate the property taxes on my property?