What is the difference between market value and actual value?

In Washington, the concept of eminent domain law is based on the idea that the government is allowed to take someone’s land for certain public uses. Market value is essentially the worth of the land, based on what a willing buyer and seller would negotiate in an open and unrestricted market. Actual value, however, is the value that the property has to the owner. This value includes things such as the sentimental value of the land and the owner’s own planned use of the land. The government is responsible for compensating the owner with the fair market value of the property they take. This is to ensure that the landowner is not taken advantage of by the government, and that they are receiving fair compensation for their property. This is particularly important if the landowner has put significant time and resources into the property. Market value can often be lower than the actual value to the landowner, so the government must make sure they are paying the rightful amount of compensation. In some cases, property owners may dispute the amount of market value determined by the government. This is why a court may consider the actual value of the property when assessing the amount of compensation the landowner will receive. This is why it is key to understand the difference between market value and actual value in Washington’s eminent domain law.

Related FAQs

Is there a way to appeal a condemnation order?
What is the difference between eminent domain and zoning?
How can I challenge the amount of compensation I am offered?
What is the difference between the amount of compensation I am entitled to receive and the actual amount I receive?
What is the timeline of the eminent domain process?
What is the difference between eminent domain and inverse condemnation?
What is the difference between a legislative taking and an administrative taking?
Can I challenge the public use of eminent domain?
What is the difference between just compensation and fair market value?
What is the process for determining the public use of my property?

What is the difference between market value and actual value?

Related FAQs

Related Blog Posts