If you have received notice that the government is seizing your property for public use, you may wonder what rights you have. While this can be a shock to some, there are a few things you can do to stop it.
Even though this is the case, you are entitled to “just compensation” for your property.
How does just compensation work?
The goal of just compensation is to “patch” your estate. You should receive financial compensation for the property, so it is as if the property was never taken. This means the government should pay you the fair market value for the property that was seized.
The biggest issue with this is that not everybody agrees on what fair market value is for a piece of property. After all, just compensation doesn’t account for certain things, such as an emotional connection to the home being lost, social ties in the area and other factors that are often considered intangible.
What’s considered when determining fair market value?
There are a few factors considered when determining fair market value. These factors include:
- The land’s fair market value
- Structures included on the land
- Residue damage to the remaining property
- Potential benefits of seizure
Each of these factors is considered and used to help determine the fair market value of the property being seized.
Your right to dispute the government’s fair market value offer
As a property owner, you can dispute the fair value offer for your property made by the government. While these types of cases can be challenging, with the right legal help, it is possible to prove your case and receive a higher payment amount. It is important to note all the factors that make the property value higher than the offer that you have received from the government.