523.001. Definitions.
Definitions.
523.001. For the purposes of this chapter, the following terms shallmean:
(1) "Fair market value", the value of the property taken afterconsidering comparable sales in the area, capitalization of income, andreplacement cost less depreciation, singularly or in combination, asappropriate, and additionally considering the value of the property basedupon its highest and best use, using generally accepted appraisalpractices. If less than the entire property is taken, fair market valueshall mean the difference between the fair market value of the entireproperty immediately prior to the taking and the fair market value of theremaining 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 enterprisewith fewer than one hundred employees, that has been owned within the samefamily for fifty or more years, such value to be fifty percent of fairmarket value;
(3) "Homestead taking", any taking of a dwelling owned by theproperty owner and functioning as the owner's primary place of residence orany taking of the owner's property within three hundred feet of the owner'sprimary place of residence that prevents the owner from utilizing theproperty in substantially the same manner as it is currently beingutilized.
(L. 2006 H.B. 1944)