Indiana Code 13-20-2-6. Valuation of real property
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Terms Used In Indiana Code 13-20-2-6
- 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 personal and real property. See Indiana Code 1-1-4-5
Sec. 6. For the purposes of this chapter, real property in which the applicant has an interest must be valued at the property‘s fair market value as determined under the assumption that the permit application will not be granted.
[Pre-1996 Recodification Citation: 13-7-22-2(h).]
As added by P.L.1-1996, SEC.10.