Can I be forced to sell my property for less than the fair market value?
In California, the answer is generally no, you cannot be forced to sell your property for less than the fair market value. Eminent Domain law states that if the government wants to use your property, they must first purchase it from you at its fair market value. Fair market value is defined as the amount a willing seller would accept and a willing buyer would pay in a voluntary transaction, given the relevant facts at the time of sale. If the government is able to prove to a court that the fair market value is lower than the amount you are asking, they may be able to purchase your property for the lower amount. However, the government is required to provide evidence and the burden of proof is on them to make the case that the fair market value is lower than what you are asking.
Related FAQs
What is the difference between value for tax purposes and market value?What are the limits of eminent domain power?
What is the difference between condemnation and a regulatory taking?
What are the rights of the property owner during an eminent domain proceeding?
Are there any restrictions on the amount of compensation I can receive?
What is the cost to the government exercising its power of eminent domain?
What is inverse condemnation?
What are the elements of a taking?
What are the rights of a tenant when a landlord’s property is taken?
How do I determine the fair market value of my property?
Related Blog Posts
What is Eminent Domain Law and How Does it Impact Property Owners? - July 31, 2023Understanding the Eminent Domain Process: A Step-by-Step Guide - August 7, 2023
Defending Your Rights as a Property Owner in Eminent Domain Cases - August 14, 2023
The Valuation Process in Eminent Domain Proceedings - August 21, 2023
The Controversy Surrounding Eminent Domain Law - August 28, 2023