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Arkansas Code Title 18. Property § 18-15-1702. Definitions

Current as of March 28, 2024 | Updated by Findlaw Staff

As used in this subchapter:

(1) “Fair market value” means the price a willing buyer would pay a willing seller after considering all factors in the marketplace that influence the price of private real property;

(2) “Governmental unit” means the state and any of its agencies or political subdivisions;

(3) “Owner” means a person with legal or equitable title to affected private real property at the time a taking occurs;

(4) “Real property” means real property, the use of which is directly controlled or regulated by a regulatory program;

(5)(A) “Regulatory program” means a rule, regulation, law, or ordinance that affects the fair market value of real property.

(B) “Regulatory program” includes without limitation moratoriums on growth, aesthetic or scenic districts, environmental districts, overlay districts, green space ordinances, landscape ordinances, tree ordinances, land use planning programs, and zoning programs by a governmental unit when the regulatory program is not designed to carry out or protect the adopted plans of a governmental unit that are designed to protect the health, safety, or welfare of the citizens.

(C) “Regulatory program” does not include a moratorium enacted to give a municipality time to adopt or amend plans and ordinances; and

(6) “Territorial jurisdiction” means the territorial jurisdiction of a municipality as described in § 14-56-413.

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Cite this article: FindLaw.com - Arkansas Code Title 18. Property § 18-15-1702. Definitions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-18-property/ar-code-sect-18-15-1702/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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