The fair market value as used in this chapter shall be defined as the price the property would bring when offered for sale by a willing seller who is not forced to sell and which is sought by a willing buyer who is not required to buy, after due consideration of all the elements affecting value.
Ala. Code § 18-1A-172
Fair Market Value Defined.
Known as the Alabama Eminent Domain Code
The act spans §§ 18-1A-1 to 18-1A-95 (106 sections).
(Acts 1985, No. 85-548, p. 802, §1003.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.