FMV=Fair Market Value. That’s the value that the property was appraised at (if the property was assessed at $691K when it was purchased at $500K, you pay the taxes on $691K). Sdr, correct me if I’m wrong.

On a different note, this will be interesting to see what happens to the city/state once they won’t be getting as much taxes due to decreased property values. We’re already facing budget cuts.