full and true value

full and true value
A value determined by reference to all relevant facts in evidence; not a fictional value in cases where there is no standardized market for the subject of valuation. State v Wagner, 233 Minn 241, 46 NW2d 676, 23 ALR2d 762. The amount the owner would be entitled to receive as just compensation upon a taking of the property by a state or the United States in the exertion of the power of eminent domain. Great Northern R. Co. v Weeks, 297 US 135, 80 L Ed 532, 56 S Ct 426. So far as respects the rule by which the duties on imported goods are to be ascertained, the true value shall be deemed to be the actual cost of the goods to the importer at the place from which they were imported, and not the current market value of the goods at that place. United States v Tappan (US) 11 Wheat 419, 424, 6 L Ed 509, 510.

Ballentine's law dictionary. . 1998.

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