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Finding Fair Market Value for TS

doug0602

TUG Member
Joined
Aug 12, 2014
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Location
Auburn IL
I have a buyer (family member) for my red week at Fairfield Glade. The Register of Deeds in TN (Cumberland Co.) needs the FMV to file the warranty deed. On Ebay, the value seems to be from $1-5, but the RoD suggested $100. I am basically giving the week to buyer, to avoid maint. fee. Does anyone know if stateing $100 value will cause me or buyer any tax problems? Buyer is immediate family. Thanks!
 
Simple answer

You were the owner, were the property taxes billed separately

If yes than use $ 1.00,

if no, who cares, just be glad your relative is willing to take it
 
I would go with the state tax assessor's value. It's the easiest to justify and will maintain the tax implications.
 
FMV has been discussed many times here. The definition seems to be what a willing buyer will pay and what a willing seller would be willing to sell for.


Past sales help determine this. Tax assessor can say what he wants to affix a taxable value to the property but that seldom affects how much someone is willing to pay for the unit.



I'd go with recent eBay sales and I'd print them out for back up if ever asked.

That's not legal advice, just what I would do.
 
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