When the state, county or municipality decides to take your property through condemnation, they will a pro tanto offer on your land, setting the price they wish to pay. This is often based on “market” conditions that may be outdated, and almost never includes the potential value of the property if it were to be developed in the future.
While the state may have the power to take your property, it does not have the power to make you accept an unfair price for your land. Your Constitutional rights guarantee just compensation when private property is taken or damaged by government action. You may be entitled to recover compensation for:
- Value of the land
- Loss in value to the remaining portion of your land if only part is taken
- Value of buildings, equipment and improvements installed on the land
- Value of any lease interests
- Relocation benefits
- Interest on any delayed payments