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Originally Posted by Ustwo
My problem with eminent domain for public works is that they almost never give fair market value.
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FMV is moving target, and there is a range of fair for almost all properties.
Landowners almost always give a high evaluation to their property than it will bring on the open market, because factors such as sentimental value and convenience to another site (work, church, school, whatever) is in their equation. I'm not saying that's wrong, but it's not a part of FMV, which is supposed to be what a willing buyer and a willing seller would settle upon if bargaining at arms length and with full knowledge of all the facts.
Any landowner that feels aggreived by the amount offered can always appeal the decision. My problem is that the landowner has to get an attorney to file the action in court if the tender by the government entity is unsatisfactory, and hiring one over a small parcel is a real gamble if the landowner is going to come out ahead after the legal expenses. And I say that even though I'm the guy that gets the legal expenses!
I tried one of these cases earlier this year over 5 acres condemned when a road was widened, and we beat the offer by almost $15,000.00, but the client was going to have to pay me regardless of the outcome. He netted about $13,000.00 profit for going to court; his neighbor (I also represented) settled a year earlier for much less per acre, but was satisfied and got out cheaper on legal fees.