Michael Rikon Valuation of Real Property When There Has Been a Recent Purchase Price
In any trial to determine the value of real property, whether it be an eminent domain taking, or an application to reduce assessed taxes, a recent sale of the parcel will be extremely relevant.
June 27, 2022 at 12:00 PM
9 minute read
In any trial to determine the value of real property, whether it be an eminent domain taking, or an application to reduce assessed taxes, a recent sale of the parcel will be extremely relevant.
If a sale was an open market transaction with a buyer under no compulsion to buy and a seller under no compulsion to sell, the transaction, unless explained away, will be considered a fair market sale at the time of the sale. Keator v. State of New York, 23 N.Y.2d 337 (1968).
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