Un-Fair Market Value
Reader comment on: Chicago Explores Eminent Domain Mortgage Seizure
in response to reader comment: market prices = pennies on the dollars. Why should America's municipalities have to pretend otherwise?
Submitted by Angela Stonebraker (United States), Jul 28, 2012 17:18
Fair market value is derived by properties that surrounds the area of the property that is being taken by the government using eminent domain. These properties that they compare with, have recently been sold or bought by a "willing seller or buyer" on the free market.. One property is being taken by the government, the surrounding properties being compared with have recently been sold by a willing seller or buyer. One is "taken" usually from an unwilling seller....the other is "sold" by a willing seller. You CANNOT compare something that is "taken" to something that was "sold". There is NO comparison. This would be like comparing communism to freedom!
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