Rhode Island General Laws 42-64.12-8. Compensation for eminent domain takings for economic development purposes
Owners of property taken for economic development purposes shall be compensated for:
(a) A minimum of one hundred fifty percent (150%) of the fair market value of the real property.
(b) Expenses incidental to transfer of ownership to the acquiring entity, including, but not limited to, recording fees and transfer taxes, evidence of title and surveys and legal descriptions, penalty costs and other charges for prepaying mortgages entered into in good faith, a pro rata share of any prepaid property taxes or assessments for public utilities.
(c) Relocation expenses, including, but not limited to, actual, reasonable and necessary moving and reestablishment expenses.
History of Section.
P.L. 2008, ch. 169, § 1.
Terms Used In Rhode Island General Laws 42-64.12-8
- Economic development: means the mobilization of intellectual, human, capital, physical and natural resources to generate marketable goods and services for purposes including, but not limited to, creating jobs, economic and employment opportunities, tax base, and wealth. See Rhode Island General Laws 42-64.12-5
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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: means land or other real property or any interest, estate, or right therein. See Rhode Island General Laws 42-64.12-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.