{
  "urn": "urn:us-la:rs:47:2321",
  "title_number": "47",
  "section_number": "2321",
  "citation": "R.S. 47:2321",
  "heading": "Fair market value; defined",
  "text": "Fair market value is the price for property which would be agreed upon between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances; it shall be the highest price estimated in terms of money which property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used.",
  "status": "active",
  "hierarchy_path": [
    {
      "level": "title",
      "number": "47",
      "name": "REVENUE AND TAXATION"
    },
    {
      "level": "subtitle",
      "number": "III",
      "name": "PROVISIONS RELATING TO AD VALOREM TAXES"
    },
    {
      "level": "chapter",
      "number": "6",
      "name": "USE VALUE AND FAIR MARKET VALUE"
    },
    {
      "level": "part",
      "number": "II",
      "name": "FAIR MARKET VALUE"
    }
  ],
  "breadcrumb": "Title 47 › Subtitle III › Chapter 6 › Part II",
  "acts_citations": [
    {
      "act_year": 1976,
      "act_number": 705,
      "section": 1,
      "effective_date": "1976-08-04",
      "effective_date_raw": "Aug. 4, 1976",
      "role": "enactment"
    }
  ],
  "acts_citations_raw": "Added by Acts 1976, No. 705, §1, eff. Aug. 4, 1976; H.C.R. No. 88, 1993 R.S., eff. May 30, 1993; H.C.R. No. 1, 1994 R.S., eff. May 11, 1994.",
  "source_url": "https://legis.la.gov/legis/Law.aspx?d=101586",
  "website_law_id": 101586,
  "scrape_timestamp": "2026-05-22T23:36:40Z",
  "source_html_hash": "sha256:3b92ad9db95b7350e97612ba2c7ca2ea75e9fabce37d2a392de1f17129146fef",
  "schema_version": "1.0.0"
}