Arizona Laws 28-7154. Buildings, structures and improvements
A. Notwithstanding any other law, if this state acquires an interest in real property, it shall acquire at least an equal interest in all buildings, structures or other improvements located on the acquired real property that it requires to be removed from the real property or that it determines will be adversely affected by the use to which the real property will be put.
Terms Used In Arizona Laws 28-7154
- 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.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Owner: means :
(a) A person who holds the legal title of a vehicle. See Arizona Laws 28-101
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: means a state of the United States and the District of Columbia. See Arizona Laws 28-101
B. For the purpose of determining the just compensation to be paid for any building, structure or other improvement required to be acquired by subsection A:
1. The building, structure or other improvement shall be deemed to be a part of the real property to be acquired notwithstanding the right or obligation of a tenant, as against the owner of any other interest in the real property, to remove the building, structure or improvement at the expiration of the tenant’s term.
2. The fair market value that the building, structure or improvement contributes to the fair market value of the real property to be acquired or the fair market value of the building, structure or improvement, for removal from the real property, whichever is more, shall be paid to the tenant.
C. Payment under this section shall not result in duplication of any payments otherwise authorized by law. A payment shall not be made under this section unless the owner of the land involved disclaims all interest in the improvements of the tenant. In consideration for this payment, the tenant shall assign, transfer and release to this state all of the tenant’s right, title and interest in and to the improvements.
D. This section does not deprive the tenant of any rights to reject payment under this section and to obtain payment for the property interests in accordance with applicable law, other than this section.