What are the different types of compensation available?

Property owners in Washington have different types of compensation available to them when their property is taken through eminent domain law. The most common types are the fair market value of the land, and relocation expenses. Fair market value is the amount of money that the property would be worth on the open market, taking into account its current condition and use. For instance, if the property is a house, the amount would take into account its size and condition. Compensation for the fair market value is the most frequently used form of compensation that is paid by the government to the property owners. Relocation expenses are another type of compensation that property owners have available to them. These expenses cover the costs associated with relocating the owners and any of their belongings to another residence, including the cost of moving and the costs of the new home. The exact amount of relocation expenses the owners are entitled to depends on the specific policies of the local government. Lastly, some property owners are able to receive business relocation assistance if the government is taking over a business. This assistance can help the owners purchase new equipment, supplies, and supplies, as well as pay relocation expenses. In some cases, it may also cover the cost of staff or additional training for employees. Overall, when a property is taken through eminent domain law in Washington, property owners may be entitled to compensation that covers fair market value, relocation expenses, and business relocation assistance. The exact type and amount of compensation available will depend on the specifics of the situation and the local government’s policies.

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What are the different types of compensation available?

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