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> an enormous multiplier over market value “Market value” requires willing participants. If a seller doesn’t want to sell at a particular price and the good is
by kortilla 5y ago
> an enormous multiplier over market value
“Market value” requires willing participants. If a seller doesn’t want to sell at a particular price and the good isn’t fungible (which housing is not), they aren’t getting market value by being forced to sell at a price determined solely by the buyer.
- Dylan16807 5y agoDo you want me to say "taxable value*" instead? If you think it's impossible to assess the value of a property, the whole legal world disagrees with you. And yeah, the point of eminent domain is to force the sale on unwilling participants. If used sparingly and without discrimination, it's a good power, and part of living in a community that will undertake community projects. * the underlying assessed value, excluding artificial caps like prop 13
- mensetmanusman 5y agoIt seems difficult to asses land value when it seems to have inflated 100% in 10 years.
- kortilla 5y agoSure, go with “taxable value”, but let’s not pretend it’s market value any more than the market value of a human life is what an insurance company values it at.