Definition -- Assessment of property having a diminished productive value.
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(1) As used in this section, "diminished productive value" means that property has no, or a significantly reduced, ability to generate income as a result of:
(a) a parcel size requirement established under a land use ordinance or zoning map adopted by a:
(i) city or town in accordance with Title 10, Chapter 9a, Part 5, Land Use Regulations; or
(ii) a county in accordance with Title 17, Chapter 27a, Part 5, Land Use Regulations; or
(b) one or more easements burdening the property.
(2) In assessing the fair market value of property, a county assessor shall consider as part of the determination of fair market value whether property has diminished productive value.
(3) This section does not prohibit a county assessor from including as part of a determination of the fair market value of property any other factor affecting the fair market value of the property.