Effective - 28 Aug 2006
523.001. Definitions. — For the purposes of this chapter, the following terms shall mean:
(1) "Fair market value", the value of the property taken after considering comparable sales in the area, capitalization of income, and replacement cost less depreciation, singularly or in combination, as appropriate, and additionally considering the value of the property based upon its highest and best use, using generally accepted appraisal practices. If less than the entire property is taken, fair market value shall mean the difference between the fair market value of the entire property immediately prior to the taking and the fair market value of the remaining or burdened property immediately after the taking;
(2) "Heritage value", the value assigned to any real property, including but not limited to real property owned by a business enterprise with fewer than one hundred employees, that has been owned within the same family for fifty or more years, such value to be fifty percent of fair market value;
(3) "Homestead taking", any taking of a dwelling owned by the property owner and functioning as the owner's primary place of residence or any taking of the owner's property within three hundred feet of the owner's primary place of residence that prevents the owner from utilizing the property in substantially the same manner as it is currently being utilized.
--------
(L. 2006 H.B. 1944)
Structure Missouri Revised Statutes
Title XXXVI - Statutory Actions and Torts
Chapter 523 - Condemnation Proceedings
Section 523.001 - Definitions.
Section 523.020 - Different owners may be joined in one petition.
Section 523.030 - Summons, when to issue, how served — publication.
Section 523.040 - Appointment of commissioners — duties — notice of property viewing.
Section 523.045 - Interest on awards payable when — enforcement.
Section 523.050 - Commissioners' report — notice of filing — review.
Section 523.053 - Distribution of condemnation awards among defendants.
Section 523.055 - Possession of land delivered, when, notice — writ of possession, executed how.
Section 523.061 - Determination of homestead taking and heritage value.
Section 523.070 - Costs, by whom paid.
Section 523.080 - Shall not enter or appropriate dwelling house.
Section 523.090 - Who may have damages ascertained — proceedings.
Section 523.100 - Appropriation of lands of corporations by other corporations.
Section 523.200 - Definitions.
Section 523.210 - Agencies authorized to establish rules and regulations.
Section 523.215 - Not to affect other condemnation compensation.
Section 523.250 - Notice of intended acquisition — mailing requirements.
Section 523.253 - Written offer, requirements — explanation of determination of property value.
Section 523.256 - Good faith negotiation required, findings, remedies.
Section 523.259 - Abandonment of condemnation, remedies — applicability.
Section 523.265 - Alternative locations for condemnation, procedure.
Section 523.277 - Office of ombudsman for property rights.
Section 523.282 - Blanket easements void, when — definitions.
Section 523.286 - Declaration of farmland as blighted prohibited — definition.