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2011.06.13 EDA Packet
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2011.06.13 EDA Packet
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9/7/2017 12:23:18 PM
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9/7/2017 12:23:18 PM
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Commissions
Meeting Date
6/13/2011
Document Type
Agenda/Packets
Commission Name
EDA
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MARKET VALUE DEFINED <br /> The most probable price which a property should bring in a competitive and open market <br /> under all conditions requisite to a fair sale, the buyer and seller each acting prudently and <br /> knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition <br /> is the consummation of a sale as of a specified date and the passing of title from seller to buyer <br /> under conditions whereby: <br /> L buyer and seller are typically motivated; <br /> 2. both parties are well informed or well advised, and acting in what they consider their <br /> best interest,- <br /> 3. <br /> nterest;3. a reasonable time is allowed for exposure in the open market; <br /> 4. payment is made in terms of cash in United States dollars or in terms of financial <br /> arrangements comparable thereto; and <br /> S. the price represents the normal consideration for the property sold unaffected by <br /> special or creative financing or sales concessions o anted by anyone associated with <br /> the sale. <br /> PROPERTY RIGHTS APPRAISED <br /> The property rights appraised are of the Fee Simple Estate subject to title report exceptions. <br /> Fee simple is defined as follows: <br /> Absolute ownership unencumbered by any other interest or estate subject only to the four <br /> powers of government being taxation, eminent domain,police power and escheat. <br /> 14 <br />
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