Nevada Revised Statutes 37.112 – Valuation of property subject to condemnation as result of public work or project
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1. Except as otherwise provided in subsection 2, if the property is subject to condemnation as a result of a public work or public improvement, any decrease or increase in the fair market value of the property before the date of valuation which is caused by:
Terms Used In Nevada Revised Statutes 37.112
- Date of valuation: means the date on which the value of the property actually taken, and the damages, if any, to the remaining property, must be determined. See Nevada Revised Statutes 37.009
- 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.
- Value: means the highest price, on the date of valuation, that would be agreed to by a seller, who is willing to sell on the open market and has reasonable time to find a purchaser, and a buyer, who is ready, willing and able to buy, if both the seller and the buyer had full knowledge of all the uses and purposes for which the property is reasonably adaptable and available. See Nevada Revised Statutes 37.009
(a) The public work or public improvement for which the property is acquired; or
(b) The likelihood that the property would be acquired for such a purpose, must be disregarded when assessing the value of the property pursuant to NRS 37.110.
2. Any decrease or increase in the fair market value of the property before the date of valuation resulting from physical deterioration within the reasonable control of the owner is not required to be disregarded pursuant to subsection 1.