| In the assessment of property, assessors in determining just |
value are to define this term in a manner which that recognizes |
only that value arising from presently possible land use |
alternatives to which the particular parcel of land being valued |
may be put. In determining just value, assessors must shall |
consider all relevant factors, including without limitation, the |
effect upon value of any enforceable restrictions to which the |
use of the land may be subjected, current use, physical |
depreciation, functional obsolescence, and economic obsolescence. |
Restrictions shall must include but are not limited to zoning |
restrictions limiting the use of land, subdivision restrictions |
and any recorded contractual provisions limiting the use of |
lands. The just value of land is deemed considered to arise from |
and is attributable to legally permissible use or uses only. |