Illinois Compiled Statutes 625 ILCS 5/1-186.5 – Selling price
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Terms Used In Illinois Compiled Statutes 625 ILCS 5/1-186.5
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
The consideration received for a motor vehicle subject to the tax imposed by Section 3-1001 valued in money, whether received in money or otherwise, including cash, credits, service, or property. In the case of gifts or transfers without reasonable consideration, “selling price” shall be deemed to be the fair market value as determined by the Department of Revenue.