What does the Department of Revenue consider the fair market value (FMV) of a property being transferred?

The Department would accept as the FMV of the property:

  • the tax base that is listed in the local tax assessor’s office, or
  • a recent appraisal that has been accepted by the assessor’s office when disputing the tax base.

Anything less is subject to audit by the Department and could be assessed, along with penalties and interest.

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