The 5th Amendment of the United States Constitution1 expressly states that the government cannot, under any circumstances, take any landowner’s property from them “without just compensation.” This immediately leads to the question: what constitutes “just compensation” for a particular piece of land? Courts have decided that just compensation is the “fair market value”2 of the specific property it is acquiring. However, landowners facing condemnation then often wonder: how does the government go about determining fair market value?
Fair market value is assumed to be the amount a willing buyer would pay and a willing seller would charge for the property at the time of the taking. However, because every piece of land is unique, the same appraisal method does not necessary work in every case. As such, there are three different types of appraisal methods that could be used, including:
In addition to fair market value, many landowners qualify to receive certain relocation allowances if they have to move important fixtures or personal property from the land taken.
Unfortunately, though these appraisal methods should be reliable in most cases, the large majority of landowners are offered substantially less than they deserve by the government. An experienced eminent domain lawyer can help landowners determine the true fair market value so they truly receive just compensation if their land is taken.
Contact an experienced Indiana eminent domain attorney for help today
If your property is the target of condemnation by the government, your first call should be to the law firm of Sever Storey to discuss your case. Our attorneys are committed to protecting the rights of landowners in eminent domain cases and making sure the condemnation is justified and that owners receive the full amount of just compensation they deserve if their land is taken. Please do not hesitate to call us toll-free at 888-318-3761 for help today.
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Before going alone against the State let us give you our opinion. It is our pledge that we will provide a free case review for any individual or business facing eminent domain or condemnation. Contact us now at 888-318-3761