In California eminent domain proceedings, a property owner is entitled to the "fair market value" of the property being acquired. Typically, fair market value is determined by analyzing comparable sales or by utilizing an income capitalization approach. But every once in a while, there is no relevant market data, in which case the law permits determining compensation "by any method of valuation that is just and equitable." (Code Civ. Proc., sec. 1263.320.) A recent court of appeal decision, Central Valley Gas Storage v. Southam, explains when this "just and equitable" valuation ...
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