Wednesday, February 25, 2015

Fair market value

The fair market value of expropriated property does not merely equate to its market value as may be specified in the land’s tax declaration. In expropriation proceedings, just compensation is defined as the full and fair equivalent of the property taken from its owner by the expropriator. If just compensation in expropriations were to be determined merely from tax declarations, then the constitution of a board of commissioners that should determine the expropriated property's fair market value would not have been necessary.[1]

[1] See the Supreme Court’s minute resolution in City Government of Valenzuela v. Gatchalian, G.R. No. 209369, January 28, 2015.

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