Throughout Pennsylvania and the rest of the United States, the government sometimes needs to seize land for public use. Sometimes, this land can be part of a neighborhood where homes reside. In the act of fairness, the government must pay just compensation to a person or company it’s buying land from. Here’s more information about the factors that determine just compensation payments.
The land’s fair market value
One of the most important ways to determine just compensation is by learning the fair market value of the land. This is the price you would get for your land if you chose to sell it.
Fair market value of any land improvements
Sometimes, landowners will utilize ways to improve the value of their owned areas. Land improvements can include separate garages or barns. If your land is on or near an area with natural resources, this is another type of land improvement.
Receiving benefits as just compensation isn’t common. However, it does happen when a property owner can benefit from the government seizing their land. An example of this situation would be if your land got seized for use as a new road. If this road creates a subdivision of your property, you could qualify for benefits.
In certain cases, eminent domain can mean that the government only needs a part of your land. If this is the case, your just compensation payment might also cover residue damage. This occurs if the government damages your remaining property during a land seizure.
In conclusion, there are several things to consider when making just compensation payments. By understanding these factors, you can potentially gain the most money from the sale of your land.