Alabama Code 23-1-416. Valuation of property acquired for airport expansion
Current as of: 2024 | Check for updates
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Terms Used In Alabama Code 23-1-416
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- property: includes both real and personal property. See Alabama Code 1-1-1
For the purpose of acquiring property for the expansion of an airport operated by a political subdivision, the value of the property within the existing or future runway protection zone, as depicted on the most current airport layout plan approved by the FAA, shall be based on the fair market value of the property without regard to the property’s location within the existing or future runway protection zone.