11-1131. Definitions
In this article, unless the context otherwise requires:
1. " Department" means the department of revenue.
2. " Value" means:
(a) In any case other than a gift, the amount of the full actual consideration that is paid or to be paid, including the amount of any lien or liens.
(b) In the case of a gift or a contract or deed with nominal consideration or without stated consideration, the estimated price the property would bring in an open market and under the prevailing market conditions in a sale between a willing seller and a willing buyer, both of whom are conversant with the property and with prevailing general price levels.
Section: Previous 11-1029 11-1041 11-1042 11-1051 11-1101 11-1102 11-1103 11-1131 11-1132 11-1133 11-1134 11-1135 11-1136 11-1137 11-1201 NextLast modified: October 13, 2016