Our home will soon be purchased for a college expansion as eminent domain. Is there an average percent they?

Asked by , 54401 Thu Jun 26, 2008

give you for just compensation/ relocation fees? We also rent the lower portion of our home to college students. At the current rental rate, we make $6000/year on this. We have been doing this for the past 10 years, with tax records to prove it. What can we expect for the future loss of income?

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Team Teal, Agent, Wausau, WI
Mon Sep 15, 2008
I do not know the correct answer but from past experience they usually begin by offering you your fair market value. This is the Fair Market Value on your taxes. If you do not know that amount, feel free to contact me and I will be glad to help you find this information.
Web Reference:  http://WausauAreaHomes.com
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Joan Keating, Agent, Katonah, NY
Thu Jun 26, 2008
I don't have the answer to this. However, I would think there is information in your buyout package. Your County Legislators, or local representatives should also be able to answer your questions or point you in the direction of the information you need. What are your neighbors doing? Have you spoken to them? I would guess that the market bearing price must be paid, and I would consult with a local real estate attorney also.
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