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Some elements of value, such as a business's connection to the location and the goodwill of the public, are only compensable in a few jurisdictions; where they are not, fair market value may be less than the value of the location to the current user. The practice of condemnation came to the American colonies with the common law.
But in eminent domain cases, fair market value is defined as the highest price obtainable in the open market with the value not being influenced by the imminence of the eminent domain taking. In other words, the property must be valued as if the project for which it is being taken did not exist — this is known as the "project influence" doctrine.
The Takings Clause does not provide a definition for just compensation, but American courts have held that the preferred measure of "just compensation" is "fair market value," i.e., the price that a willing but unpressured buyer would pay a willing but unpressured seller in a voluntary transaction, with both parties fully informed of the ...
A home's fair market value is, in a nutshell, the price that a buyer would pay a seller in an open market. Many factors go into determining it, including location, size, age, condition and the ...
The housing crisis has confounded experts for years, despite the best efforts of private parties and public governments. Now, though, a new proposal would use the government's power to take ...
Jul. 29—ROCHESTER — A unanimous four-judge panel of the New York State Supreme Court Appellate Division Fourth Department in Rochester has rejected arguments from Niagara Falls Redevelopment ...
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code , as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
The county has offered a “fair market” value of $1.7 million for the home and acreage. ... The board also approved the eminent domain process for agricultural parcels totaling 80 acres near ...