What is the compensation I can receive for my property?

In Washington, the compensation for property taken by the government using eminent domain law is based on the fair market value of the property. This means that the compensation should be what the property would be worth in an open market, if it were sold by its owner on the same day that the government seized it. The government must provide an offer to all affected property owners for the estimated fair market value of their properties. The owners can either accept the offer or present a counteroffer. The government may also hire an appraiser to value the property. The owners then have the opportunity to challenge the estimated market value of the property, and if needed, hire their own appraiser. Another factor is the type of property that is being taken. If the property is a business, the owner may also be given additional compensation for business losses resulting from the taking. They may also be provided with relocation assistance and even rent for a new location if their business is displaced from the taking. Finally, the owners may be compensated for any special circumstances associated with the property, such as loss of view, access to public utilities, and the like. This means that the value of the property may be adjusted to account for loss of these amenities and facilities. In the end, it is important to know that the compensation should be determined based on the fair market value of the property at the time of taking. Property owners are free to challenge the estimated value, if they feel it is not a fair representation of the value of the property.

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What is the compensation I can receive for my property?

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