25 USC 2214 – Establishing fair market value
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For purposes of this chapter, the Secretary may develop a system for establishing the fair market value of various types of lands and improvements. Such a system may include determinations of fair market value based on appropriate geographic units as determined by the Secretary. Such a system may govern the amounts offered for the purchase of interests in trust or restricted land under this chapter.
Terms Used In 25 USC 2214
- 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.