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Property Law and Real Estate

Tax assessments

University of Pennsylvania Carey Law School

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Bargaining For Takings Compensation, Abraham Bell, Gideon Parchomovsky Sep 2005

Bargaining For Takings Compensation, Abraham Bell, Gideon Parchomovsky

Faculty Scholarship at Penn Carey Law

Efficiency and fairness require paying full compensation to property owners when their property is taken by eminent domain. Yet, to date, the evidentiary challenge of proving subjective value has proved insurmountable, and current law requires condemnees to settle for fair market value. This Article proposes a self-assessment mechanism that can make full compensation at subjective value practical. Under our proposal, property owners must be given the opportunity to state the value of the property designated for condemnation. Once property owners name their price, the government can take the property only at that price. However, if the government chooses not to ...