In determining the value of property, the circumstances surrounding the property are absolutely essential to coming to the fair market value. As we indicated before, there is a large body of case law on this subject, and this is something that has been dealt with by the courts repeatedly. However, we are happy to try to work with the gentleman from Mississippi, as well as the gentlewoman, in developing a definition on that, if that is the will of the House.
Charles T. Canady: “In determining the value of property, the circumstances surrounding the property are absolutely essential to coming to…”
Editor's note · Context
Discussing the importance of circumstances in determining property value.
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