41-2-47. Appraisals of real property by department--Market value defined.
Any appraisal of real property done by or on behalf of the Department of Game, Fish and Parks shall be done by a state certified appraiser to determine the market value of the property. Market value is the amount in cash, or on terms reasonably equivalent to cash, for which in all probability the property would have sold on the effective date of the appraisal, after a reasonable exposure time on the open competitive market, from a willing and reasonably knowledgeable seller to a willing and reasonably knowledgeable buyer, with neither acting under any compulsion to buy or sell, giving due consideration to all available economic uses of the property at the time of the appraisal.
Source: SL 2009, ch 207, §1.