expressed in terms of money, that a property would bring, in an open and unrestricted market, between a willing buyer and a willing seller who are both knowledgeable, informed, and prudent, and who are acting independently of each other.” While an appraised value is assigned to your property by a professional real estate appraiser, fair market value of your property is decided by you and the potential buyer of your property. In other terms, it’s what you think the price of your property should be and what they are willing to pay for it.