The Fifth Amendment to the United States Constitution guaranties
“nor shall private property be taken for public use, without just compensation.”
But what does “just compensation” mean in North Carolina eminent domain cases?
Fair Market Value and Highest and Best Use
Regardless of who is taking your property or what purpose they are taking it for, “just compensation” will be based, in part, on “fair market value” or
“the price a seller is willing to accept and a buyer is willing to pay on the open market and in an arm’s length transaction.”
As the North Carolina Supreme Court has held,
“the well established rule is that in determining fair market value the essential inquiry is, ‘what is the property worth in the market, viewed not merely with reference to the uses to which it is at the time applied, but with reference to the uses to which it is plainly adapted — that is to say, what is it worth from its availability for all valuable uses?”
This is what eminent domain appraisers call “highest and best use“.
Fair Market Value of What?
This is where eminent domain law in North Carolina gets tricky. That is because if only part of your land is taken, which is usually the case, the next step in figuring your just compensation depends on which set of North Carolina eminent domain statutes apply to your case.
Just Compensation in North Carolina Eminent Domain can be Tricky
As you can see, the question of how much is “just compensation” in North Carolina eminent domain cases can be a little complicated.
In the next few posts, we will be explaining how the different North Carolina eminent domain statutes can determine how much money is “just compensation” for a given case.
Sign up for More FREE on North Carolina Eminent Domain
If you are a property owner facing a potential eminent domain case in North Carolina, we invite you sign up below to get the rest of the posts in this series. We only make it available to property owners, like you, whose land is threatened by eminent domain by the NCDOT, a North Carolina municipality, like
- Charlotte
- Cary
- Holly Springs and
- Apex
or another condemning authority, like a County School Board or a transit authority.
NOTE!
This free series on Just Compensation in North Carolina Eminent Domain Cases is only available to residential and commercial property owners whose land is currently threatened by condemnation.
In this series, we will be discussing some of the eminent domain tactics we have used and continue to use to get our clients the most just compensation possible.
So, this series will not be offered to the general public or other attorneys not associated with de Ondarza Simmons, PLLC.
Sign up for FREE here
Whether you are an individual or a business, if your property is currently threatened by eminent domain, this series is for you. To read more about the North Carolina eminent domain statutes and how they can affect your just compensation, you should sign up for free here:
Facing a North Carolina Eminent Domain Case Right Now?
If so, you should contact us now to set up an initial consultation. We will review your case with you, plus we will give you a written report containing our preliminary case analysis. That way you will know what to expect as you move forward toward getting the most just compensation possible in your case. To contact us now to schedule your appointment, you should click here.
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North Carolina Eminent Domain Attorney Inez de Ondarza Simmons aggressively defends private property owners in Raleigh and throughout North Carolina. To contact her, you should click here.
