Estimated Fair Market Value Law and Legal Definition

According to 41 CFR 102-38.35 [Title 41 Public Contracts and Property Management; Subtitle C Federal Property Management Regulations System; Chapter 102 Federal Management Regulation System; Subchapter B Personal Property; Part 102-38 Sale of Personal Property; Subpart A General Provisions], estimated fair market value means "the selling agency's best estimate of what the property would be sold for if offered for public sale."