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Eminent Domain - What Property Owners Should Know.pdf

The Law Buzz
The Law Buzz

When the government is out to take your property, it's important to understand your rights. Find out how to challenge the proposed taking and ensure that you get the compensation you deserve.

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EMINENT DOMAIN WHAT PROPERTY OWNERS SHOULD KNOW PRESENTED BY DALLAS & TURNER, PLLC THIS IS AN ADVERTISEMENT
WHAT IS EMINENT DOMAIN? Eminent domain is the governments power to take private property when: The land is taken for public use. The government provides just compensation to the property owner.
JUST COMPENSATION Property owners have the right to challenge the taking, including the governments initial offer of compensation. Property owners are often entitled to far more money that what the government initially offers.
HIGHEST AND BEST USE Property owners must get compensation for the highest and best use of the property, even if the property is currently used differently. A proposed highest and best use must be: Physically Possible Legally Permissible Financially Feasible Maximally Productive
APPRAISAL METHODOLOGIES In calculating highest and best use, appraisers generally use three methodologies: Comparable sales approach, which factors in recent sales of a similar properties Income approach, which focuses on the potential income-generating value of the property (more applicable to income-producing properties) Cost approach, which centers on the cost to rebuild or replace improvements to the property
TOTAL VS. PARTIAL TAKING When the government takes a part of the property, owners are entitled to compensation for the impact of that taking on rest of their property. Calculating compensation in partial takings requires establishing the fair market value for: The highest and best use of the entire property The remaining property Property owners are entitled to the difference between those values.
WHATS COMPENSABLE AND WHATS NOT?
WHAT IT TAKES TO SUCCEED Fighting the government for just compensation can be a daunting challenge. Property owners can maximize their chances of success by: Enlisting an attorney who has extensive experience in this niche area of law Working with expert appraisers who have experience handling eminent domain appraisals Preparing the case for trial, even if it doesnt end up going before a jury
息 2023 Dallas & Turner, PLLC. All Rights Reserved. Design and editorial services by FindLaw, part of Thomson Reuters. Attorney James Turner at Dallas & Turner, PLLC, is a dedicated ally for landowners facing eminent domain. He has been selected for inclusion in Kentucky Super Lawyers and Rising Stars for multiple years. Read more about property owners rights in eminent domain proceedings. A PROVEN ADVOCATE FOR PROPERTY OWNERS Attorney James Ryan Turner

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Eminent Domain - What Property Owners Should Know.pdf

  • 1. EMINENT DOMAIN WHAT PROPERTY OWNERS SHOULD KNOW PRESENTED BY DALLAS & TURNER, PLLC THIS IS AN ADVERTISEMENT
  • 2. WHAT IS EMINENT DOMAIN? Eminent domain is the governments power to take private property when: The land is taken for public use. The government provides just compensation to the property owner.
  • 3. JUST COMPENSATION Property owners have the right to challenge the taking, including the governments initial offer of compensation. Property owners are often entitled to far more money that what the government initially offers.
  • 4. HIGHEST AND BEST USE Property owners must get compensation for the highest and best use of the property, even if the property is currently used differently. A proposed highest and best use must be: Physically Possible Legally Permissible Financially Feasible Maximally Productive
  • 5. APPRAISAL METHODOLOGIES In calculating highest and best use, appraisers generally use three methodologies: Comparable sales approach, which factors in recent sales of a similar properties Income approach, which focuses on the potential income-generating value of the property (more applicable to income-producing properties) Cost approach, which centers on the cost to rebuild or replace improvements to the property
  • 6. TOTAL VS. PARTIAL TAKING When the government takes a part of the property, owners are entitled to compensation for the impact of that taking on rest of their property. Calculating compensation in partial takings requires establishing the fair market value for: The highest and best use of the entire property The remaining property Property owners are entitled to the difference between those values.
  • 8. WHAT IT TAKES TO SUCCEED Fighting the government for just compensation can be a daunting challenge. Property owners can maximize their chances of success by: Enlisting an attorney who has extensive experience in this niche area of law Working with expert appraisers who have experience handling eminent domain appraisals Preparing the case for trial, even if it doesnt end up going before a jury
  • 9. 息 2023 Dallas & Turner, PLLC. All Rights Reserved. Design and editorial services by FindLaw, part of Thomson Reuters. Attorney James Turner at Dallas & Turner, PLLC, is a dedicated ally for landowners facing eminent domain. He has been selected for inclusion in Kentucky Super Lawyers and Rising Stars for multiple years. Read more about property owners rights in eminent domain proceedings. A PROVEN ADVOCATE FOR PROPERTY OWNERS Attorney James Ryan Turner