Residents of Irvine and other areas of California may want to learn more about valuing a property when it is being taken by the government. The Fifth Amendment gives you the right to “just compensation.”
According to GokceCapital, landowners should know their rights. Does your land have value that is greater than the offer? The following are some considerations:
You’ll want to maximize its value
If there is a business on the property, are business damages recoverable? Under what circumstances can you recover this value?
Is there compensation for damages?
Construction during the public project may cause damage. Under what circumstances can you receive compensation for this damage?
The partial taking of your property
When is compensation allowed for damages to the remaining property? Sometimes the government can argue that the remaining property will increase in value and will set off the damages. What happens then?
Contamination of the property
In eminent domain, is contamination ever a consideration? Could it be an exclusion?
Fixtures that are on the taken property
In conversations regarding condemnation, are fixtures considered? What is the consideration for installed fixtures? Does “just compensation” take this into account?
Special use properties
If your property has special use designation, is that a consideration? Does this affect its value?
You may have many questions when it comes to payment for your property through eminent domain. What is the time frame to expect? If you need to relocate, will you receive compensation?
You may have tenants on the property at present. Will they receive compensation during the process?
It is wise to consult an eminent domain lawyer for answers to your many questions. You might not want to accept the first offer the government gives you. The seizing of your land, either partially or fully, gives you certain rights.