Keeton v. State

The essence of any general definition of “fair market value” is the “willing-seller willing-buyer” concept; that is, “the price the property will bring when offered for sale by one who desires to sell, but is not obliged to sell, and is bought by one who desires to buy, but is under no necessity of buying.” City of Pearland v. Alexander, 483 S.W.2d 244, 247 (Tex.1972); City of Austin v. Cannizzo, 153 Tex. 324, 267 S.W.2d 808, 815 (1954); State v. Carpenter, 126 Tex. 604, 89 S.W.2d 194, 202 (Comm.App.1936); Black’s Law Dictionary (Rev. Fourth Ed.1968) 716.

At common law when used in cases of…