Financial Services Industry
Industry: Email Alert RSS FeedHighest and best use of property determines whether contiguous parcels are appraised separately or as single unit.
Appraisal Journal, March, 2007 by Weinberger, Alan M.
In eminent domain cases involving the partial taking of contiguous, commonly owned parcels, whether the parcels are valued separately or as a single unit depends on the highest and best use of the property, according to the Supreme Court of Wisconsin.
Bernice Spiegelberg (Spiegelberg) owns five contiguous parcels, collectively 150 acres, and leases all the parcels together for use as a farm. The Department of Transportation (DOT) condemned a total of 11.08 acres from three of the five parcels. To determine Spiegelberg's compensation, the DOT appraised the farm as a single unit, before and after the taking. The DOT then concluded that the difference between the two values, $18,900, was the fair market value for all the land taken. Spiegelberg objected to this...
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