Has anyone even considered all the property that was aquired through eminent domain?
People lost property, and businesses through that process and were given "fair value" of the property.
Anyone know how the government determines "fair value"? I bet it leans to the buyer and not the seller.
I have no clue as to how eminent domain works in California but I'm thoroughly familiar with the process in Florida.
The owner of the property is notified numerous times and well in advance with numerous public hearings. (years aren't unusual).
Once the project receives final approval. The body seeking the property, has an appraisal done. Following that, an offer is made to the owner. In all of my experiences, the offer far exceeds the actual value of the property. I have seen offers double the value of the property being taken. The governmental body, or whoever does NOT want to go to court. It is not because they may have to pay more but then there are attorneys and more appraisals (government pays for owners attorney and appraisal).
If the owner accepts the offer, they proceed to close. The Seller (Owner) can make a counteroffer. If that is accepted, proceed to close.
IF the owner and government cannot agree, then it goes to court. Each side has their attorney and has another appraisal, all paid for by the government. Then it goes to court for a jury trial. Once the jury reaches a determination of value, that's it. It is possible that the value from the jury is LESS than what was originally offered. That's it, the owner has no further options.