Fair market value determination under wealth-tax law requires comparable sales or scheme-based adjusted valuation methods for land. Determination of the fair market value of land under section 7(1) requires estimating the price the asset would fetch on the valuation date; primary consideration is actual sales of comparable land in proximity of time and place, with adjustments if such comparables are unavailable. Absent reliable comparative data, valuation may be by development scheme-extrapolating land rates with discounts for development costs, time and non-saleable common areas-or by building scheme-capitalising the income potential of the building and deducting construction costs and time.