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Southwest Illinois | Went through it about 10 years ago. Best thing you can do is go into it with an open mind with the plan of making it work for both parties. If you say "it's not for sale" or you want 5 times the value, the city will likely take it via eminent domain. Then you are pretty much going to live with what the court decides. We wound up selling about an acre for a road widening and we asked for fair market value(at the time maybe 10K per acre) plus the amount of capital gains tax on the entire amount. We actually were able to use it in a 1031 to buy a rental property, but at that point they didn't care what we did. The city doesn't want the cost or the time to pursue eminent domain. You don't want the cost associated with defending that. With 3 acres being involved defending eminent domain could cost you close to what the ground is worth until you pay for attorney's fees and appraisals for the defense. It does likely add value to your remaining property. | |
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Town wants land to widen road
