Legal Definitions - just value

Definition: Just value is the same as fair market value, which is the price that a seller is willing to accept and a buyer is willing to pay on the open market and in an arm's-length transaction. It is the point at which supply and demand intersect.

Examples:

• A house is listed for sale at $300,000. After negotiations, the buyer and seller agree on a price of $280,000. This is the just value of the house.
• A car is being sold by a private owner for $5,000. The buyer offers $4,500 and the seller accepts. This is the just value of the car.

These examples illustrate how just value is determined through negotiation between a buyer and seller in a fair and open market. It is the price that both parties agree is reasonable for the item being sold.