Recent Supreme Court Rulings

[xoxoxoBruce]

Originally Posted by hot_pastrami

Good point. The "value" of any object is defined by how desirable it is. By virtue of the fact that some entity with lots of money wants to build something there, it's value should be increased dramatically; but the "fair market value" given to the owner in these instances is based on it's value BEFORE the rich entity wanted it. What a racket.

I Atlantic City one woman held out against the first casino so they built around her. I mean they walled up 3 sides of her property with casino. Now her property is worth so much they taxed her out. Most of the proceeds from the property went to back taxes.

Llast year Vietnam was trying to convince Boeing to throw some business their way and invest in a plant there. After considerable investigating, Boeing said no because the Viet's legal system didn't provide enough protection for ownership of private property. Wonder if they'll be moving out of the US?

Fair Market Value? A few years back my township took 176 acres of farmland (orchards) for "open Space". They decided the value was $13.5k/acre. Yet a half mile up the road 1/2 acre lots were already selling for $60k. That's in the courts. Plus they sold the taxpayers/voters the whole bond issue approval deal with the $13.5k number.
Now when the dust settles the deal is done and J.Q. Public has to ante up no matter what the cost.