Edward J. Batis & Associates, Inc. – Providing specialized real estate valuation services.
Phone: (815) 726-1455
EMINENT DOMAIN TERMS FOR VALUATION
EMINENT DOMAIN TERMS FOR VALUATION
The following definitions are from The Dictionary of Real Estate Appraisal, 6th Ed., published by the Appraisal Institute.
Partial Taking
The taking of part of a property for public use under the power of eminent domain; requires the payment of compensation.
Damages
In condemnation, the loss in value to the remainder in a partial taking of property. Generally, the difference between the value of the whole property before the taking and the value of the remainder after the taking is the measure of the value of the part taken and the damages to the remainder. Note that different regions of the country and different courts may use terms such as consequential damages and severance damages differently.
Larger Parcel (also referred to as Whole Property and Parent Tract)
In governmental land acquisitions and in valuation of charitable donations of partial interests in property such as easements, the tract or tracts of land that are under the beneficial control of a single individual or entity and have the same, or an integrated, highest and best use. Elements for consideration by the appraiser in making a determination in this regard are contiguity, or proximity, as it bears on the highest and best use of the property, unity of ownership, and unity of highest and best use. In most states, unity of ownership, contiguity, and unity of use are the three conditions that establish the larger parcel for the consideration of severance damages. In federal and some state cases, however, contiguity is sometimes subordinated to unitary use.
Remainder
In condemnation, that portion of a larger parcel remaining in the ownership of the property owner after a partial taking.
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