Maine Revised Statutes Title 23 Sec. 154-A – Fair market value adjustment
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Terms Used In Maine Revised Statutes Title 23 Sec. 154-A
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Any decrease or increase in the fair market value of real property prior to the date of valuation caused by the public improvement for which such property is acquired, or by the likelihood that the property would be acquired for such improvement, other than that due to physical deterioration within the reasonable control of the owner, will be disregarded in determining just compensation for the property. [PL 1971, c. 333, §4 (NEW).]
SECTION HISTORY
PL 1971, c. 333, §4 (NEW).