Prohibits local governments from transferring real property to nongovernment entities without fair market value compensation.

This bill amends state law to prohibit cities and counties from transferring or selling real property to nongovernment entities without receiving fair market value or other equivalent compensation. The bill defines "fair market value" as the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.

Prohibits local governments from transferring real property to nongovernment entities without fair market value compensation.

This bill amends state law to prohibit cities and counties from transferring or selling real property to nongovernment entities without receiving fair market value or other equivalent compensation. The bill defines "fair market value" as the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.