Insights - Holley Law | Location: Ohio
The Appraisal Institute defines “highest and best use” as “the reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value.” (Appraisal Institute, The Dictionary of Real Estate Appraisal, 2022).
Property owners in eminent domain actions may present evidence at trial that their property is developable for a specific use, even if that use is contrary to current conditions and zoning.
On October 29, 2024, the Ohio Supreme Court declined to accept jurisdiction in City of North Ridgeville v. Sharon Zilka, et al., Lorain Cty., Case No. 23 CA012047 (9th Dist.).
The United States and Ohio Constitutions guarantee that private property shall not be taken for public use without just compensation. There are several ways in which the government may seek to take private property, and property owners should consider strategies available to challenge and seek compensation for these takings.
The practice of law often brings up fond memories for me of the Simpsons and, specifically, the Treehouse of Horrors episodes. A favorite episode is Season 3, Ep. 7, The Monkey’s Paw, based upon a 1902 short story by W.W. Jacobs.
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