As used in 69-14-932 and this section, the following definitions apply:
(1) "Fair market value" means:
(a) the price negotiated between the parties under 69-14-932; or
(b) the appraised value as determined by a certified appraisal under 69-14-932.
(2) "Leaseholder" means a person who holds a lease or permit with respect to land adjacent to a railroad right-of-way and who has constructed or owns buildings on the land that have an appraised value of $5,000 or more.
(3) "Right-of-way" means land upon which a railroad has or has had tracks.