12-1136

12-1136. Definitions

(Caution: 1998 Prop. 105 applies)

In this article, unless the context otherwise requires:

1. "Fair market value" means the most likely price estimated in terms of money
which the land would bring if exposed for sale in the open market, with reasonable time
allowed in which to find a purchaser, buying with knowledge of all the uses and purposes
to which it is adapted and for which it is capable.

2. "Just compensation" for purposes of an action for diminution in value means the
sum of money that is equal to the reduction in fair market value of the property
resulting from the enactment of the land use law as of the date of enactment of the land
use law.

3. "Land use law" means any statute, rule, ordinance, resolution or law enacted by
this state or a political subdivision of this state that regulates the use or division of
land or any interest in land or that regulates accepted farming or forestry practices.

4. "Owner" means the holder of fee title to the subject real property.

5. "Public use":

(a) Means any of the following:

(i) The possession, occupation, and enjoyment of the land by the general public, or
by public agencies;

(ii) The use of land for the creation or functioning of utilities;

(iii) The acquisition of property to eliminate a direct threat to public health or
safety caused by the property in its current condition, including the removal of a
structure that is beyond repair or unfit for human habitation or use; or

(iv) The acquisition of abandoned property.

(b) Does not include the public benefits of economic development, including an
increase in tax base, tax revenues, employment or general economic health.

6. "Taken" and "taking" mean the transfer of ownership or use from a private
property owner to this state or a political subdivision of this state or to any person
other than this state or a political subdivision of this state.