11-1131. Definitions


In this article, unless the context otherwise requires:


1. "Department" means the department of revenue.


2. "Value" means:


(a) In any case other than a gift, the amount of the full actual consideration that
is paid or to be paid, including the amount of any lien or liens.


(b) In the case of a gift or a contract or deed with nominal consideration or
without stated consideration, the estimated price the property would bring in an open
market and under the prevailing market conditions in a sale between a willing seller and
a willing buyer, both of whom are conversant with the property and with prevailing
general price levels.