North Carolina General Statutes 40A-64. Compensation for taking
(a) Except as provided in subsection (b), the measure of compensation for a taking of property is its fair market value.
(b) If there is a taking of less than the entire tract, the measure of compensation is the greater of either (i) the amount by which the fair market value of the entire tract immediately before the taking exceeds the fair market value of the remainder immediately after the taking; or (ii) the fair market value of the property taken.
(c) If the owner is to be allowed to remove any timber, building or other permanent improvement, or fixtures from the property, the value thereof shall not be included in the compensation award, but the cost of removal shall be considered as an element to be compensated. (1981, c. 919, s. 1; 2001-487, s. 17.)
Terms Used In North Carolina General Statutes 40A-64
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Owner: includes the plural when appropriate and means any person having an interest or estate in the property. See North Carolina General Statutes 40A-2
- Property: means any right, title, or interest in land, including leases and options to buy or sell. See North Carolina General Statutes 40A-2
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.