Missouri Revised Statutes













Chapter 523

Condemnation Proceedings

←523.286

Section 523.001.1

523.010→

August 28, 2015

Definitions.

523.001. For the purposes of this chapter, the following terms shall mean:



(1) "Fair market value", the value of the property taken after

considering comparable sales in the area, capitalization of income, and

replacement cost less depreciation, singularly or in combination, as

appropriate, and additionally considering the value of the property based upon

its highest and best use, using generally accepted appraisal practices. If

less than the entire property is taken, fair market value shall mean the

difference between the fair market value of the entire property immediately

prior to the taking and the fair market value of the remaining or burdened

property immediately after the taking;



(2) "Heritage value", the value assigned to any real property, including

but not limited to real property owned by a business enterprise with fewer

than one hundred employees, that has been owned within the same family for

fifty or more years, such value to be fifty percent of fair market value;



(3) "Homestead taking", any taking of a dwelling owned by the property

owner and functioning as the owner's primary place of residence or any taking

of the owner's property within three hundred feet of the owner's primary place

of residence that prevents the owner from utilizing the property in

substantially the same manner as it is currently being utilized.



(L. 2006 H.B. 1944)







Top



Missouri General Assembly



Copyright © Missouri Legislature, all rights reserved.