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i have a home that the town has shown interest in. they ALLEGE eminent domain WILL NOT be used. i purchased the property in december (1st home... 21 year old) and have just begun working on it. there is a house (2700 square feet), 2 bedroom cottage (1100 sqf rental) and a 2 car detached garage. all need work but i have a CO for the house... could move in right now if i wanted to.
long story short is the towns' jerking me around with what they'd like to offer for the property. i've read what i can find on E.D. and it found "usually" the private party is "justly compensated" usually at or around fair market value. where can i find (in writing) the legal definition of just compensation (pertaining specifically to E.D.)? MY MAIN QUESTION IS... when eminent domain is utilized, is it legal for them (government local, state and/or federal) to give you LESS than what your taxed assessed value is?
i know many of you are going to reply that i'm skating on thin ice and watch out BUT... the mayor, on behalf of the planning board, has assured me E.D. will NOT be against me. thanks... looking forward to your replies, advice and/or suggestions. have a good one.
In every case there is some kind of judicial review needed. That means you need a lawyer. That lawyer will need a retainer as well as funds to hire expert witnesses / appraisers.
This is going to be expensive.
If you don't have the money you MUST get busy contacting the various groups that I sent you links to who are opposed to eminent domain /libertarian legal organizations.
Don't waste time -- this can happen quick in some states!
You know, the owners of the property where the 9-11 flight went down were assured that ED would not be used to seize their property for the memorial. Yet...it is. In that case location is the issue.
They may not use ED with your property because it may not be a have to have a specific location kind of thing. I don't think there is a legal definition of just compensation. Out here, most tax assessed values are less than market value so that would be a losing proposition. Not sure about your area.
thanks everyone... what i've heard here, is just what i expected. not saying i don't appreciate it... I DO! however, i'd like to know if anyone (on here) knows personally and/or someone with the answer to my question... can eminent domain ("just compensation") be anything less than the tax assessed value (which is determined by the local/municipal government for purposes of collecting my property tax obligation).
to answer one of the replies... from what i understand, most places in jersey and/or the usa, fair market value is ALWAYS higher than tax assessed values.
Just look at the number of people who have had deals KILLED because the CURRENT APPRAISAL is below their asking price. I know of MANY properties near my home in suburban Chicago that are currently assessed for tax purposes that any competent appraiser (and even lot of incompetent ones...) would say are far above 'just compensation'.
If you have fears that the officials will attempt to grab your property at a temporarily depressed price you need to STOP POSTING ABOUT AND GET AN ATTORNEY!!!!
"MY MAIN QUESTION IS... when eminent domain is utilized, is it legal for them (government local, state and/or federal) to give you LESS than what your taxed assessed value is?"
Yes, if your taxed assessed value is more than market value. If they get an independent appraisal of your home, it may or may not be in line with the value established by your local assessor. Eminent domain laws generally require that entities with the power of condemnation acquire property at their full "market value".
In MD there are usually two appraisals and the government offers the average of the two. This is with an uncontested purchase. If the purchase is contested then the jurisdiction has to go through condemnation proceedings and the Court would then order the sale, again with the average of two appraisals. The appraisals would be based on market vlue, not necessarily tax assessment. If you've held the property for awhile, and depending on how assessments are done where you are, you might end up with a higher market value than tax assessment.
Just look at the number of people who have had deals KILLED because the CURRENT APPRAISAL is below their asking price. I know of MANY properties near my home in suburban Chicago that are currently assessed for tax purposes that any competent appraiser (and even lot of incompetent ones...) would say are far above 'just compensation'.
If you have fears that the officials will attempt to grab your property at a temporarily depressed price you need to STOP POSTING ABOUT AND GET AN ATTORNEY!!!!
hey chet,
thanks for your reply. i appreciate your comments and i do have an attorney... i'm sure you're aware every time you speak to an attorney the clock and/or cash register is running wild!
thought i'd see if someone one here might have some insight and/or faced a similar situation to mine. can't go into any situation with too much information and/or knowledge... the only stupid question is the one you were afraid to ask.
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