(a) An owner of property acquired by eminent domain is entitled to compensation determined under the standards prescribed in this article.
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Terms Used In Alabama Code 18-1A-170

  • 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: includes both real and personal property. See Alabama Code 1-1-1
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(b) If there is a partial taking, the valuation rule is the difference between the fair market value of the entire property before the taking and the fair market value of the remainder after the taking.
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