§ 700.119. Establishment of fair market value.
182 words·~1 min read·
/us/cfr/t25/s§ 700.119·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General. The Commission shall establish the amount of fair market value to be offered to the owner for the habitations and/or improvements. Such amount shall not be less than---
(1)The appraiser's recommendations as to the fair market value of the habitations and/or improvements; or
(2)The fair market value estimate set forth in the agency's approved appraisal, if the property is valued at \$2,000 or less.
(b)Owner retention of improvements. If the owner of a habitation and/or improvement is permitted to retain it for removal off-site, the amount determined to be just compensation for the interest in habitations and/or improvements to be acquired from him shall not be less than the amount determined by subtracting the salvage value of the improvements he retains for off-site removal from the amount determined to be fair market value for his entire interest in the habitation and improvement. Retention of improvements by the owner shall not change, alter or abrogate the requirement of the Act that the owner must move from land partitioned to the tribe of which he/she is not a member.