What does fair market value depend on for landmark historic properties?

Fair market value for landmark historic properties is influenced by a variety of factors, including unique considerations tied to their historical significance. Of the choices provided, specific provisions for the first eight years refer to particular protections and regulations that may affect how historic properties are valued in the market. These provisions can include tax incentives, preservation requirements, or other stipulations that local governments or historical societies have put in place to encourage the maintenance and protection of the landmark. Such provisions can lead to adjustments in how the property's value is determined, as they often encompass considerations not typically accounted for in standard property buys or sells, making them critical in assessing fair market value for these unique properties.

In contrast, while market conditions in the general area, the age and condition of the building, and certification requirements for appraisers do play important roles in property valuation, they do not specifically capture the full scope of how landmark historic properties are uniquely impacted by regulatory and preservation goals.