Fair Market Value Rent Law and Legal Definition

According to 36 CFR 18.2 [Title 36-Parks, Forests, and Public Property -Chapter i-National Park Service, Department of the Interior-Part 18-Leasing of Properties in Park Areas] fair market value rent means “the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which the property to be leased, under the terms and conditions of the lease, should rent for its highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the lessor and the lessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.”